U.S. stocks closed higher on Monday, ahead of the much-awaited inflation data for August.
Markets are expecting data to show easing in US inflation. Analysts expect annual inflation falling to an 8.1% rate in August, compared to 8.5% in July. Core CPI, however, might show an increase of 6.1% compared to 5.9% in July.
Majority of the traders are still expecting a 75 basis point rate hike at the Fed’s next meeting.
Shares of Oracle Corporation ORCL rose slightly in after-hours trading on Monday after reporting results for its first quarter.
The Nasdaq 100 jumped 1.20% to close at 12,739.72 on Monday, while the S&P 500 rose 1.06%. The Dow Jones jumped around 230 points to settle at 32,381.34 in the previous session.
All the major sectors on the S&P 500 closed on a positive note, with energy and information technology stocks recording the biggest surge on Monday.
The Chicago Board Options Exchange's CBOE Volatility Index (VIX) rose 3.7% to 23.64 points.
What is CBOE Volatility Index?
The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market's expectation of volatility based on S&P 500 index call and put options.
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