US stocks edge higher to recover some ground after S&P 500 logs longest losing streak in 7 months

  • US stocks rose Monday, on track to log their first win after five days of declines.
  • This week’s agenda will include consumer inflation data ahead of the Fed’s September policy meeting.
  • The S&P 500 had logged its longest losing streak since February.
  • See more stories on Insider’s business page.

US stocks advanced Monday, with signs of improvement from COVID-19 case counts helping the S&P 500 move past its longest run of losses in nearly seven months.

All three of Wall Street’s major indexes gained ground after stocks in recent sessions have been dogged by worries over slowing economic growth, particularly after a large shortfall in US jobs created in August. The S&P 500 on Friday marked its fifth consecutive decline, the longest losing streak since mid-February.

Investors were starting the new week with government data showing the seven-day average of new COVID infections moving down to roughly 136,000 on Friday, continuing a recent descent.

Here’s where US indexes stood at 9:30 a.m. on Monday:

This week’s economic calendar will include consumer price index inflation data for August on Tuesday. CPI is expected to come in at 5.3%, according to economists polled by Bloomberg. The data will arrive ahead of the Fed’s two-day meeting that will begin on September 21. Policy makers will release a summary of economic projections, or the dot-plot chart of interest-rate expectations.

Around the markets, Mohamed El-Erian said supply chain disruptions around the world are set to continue for a few years, and warned high prices across economies could bring a return to a 1970s-style stagflationary environment.

Gold shed 0.1% to $1,786.73 per ounce. The yield on the US 10-year Treasury note slipped to 1.32%.

Oil prices climbed. West Texas Intermediate crude rose 1.3% to $70.59 per barrel. Brent crude, oil’s international benchmark, gained 0.9%, to $73.58 per barrel.

Bitcoin lost 3.2% to $44,637.82.

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