Stocks rallied on Monday, bouncing back from losses recorded through much of last week. Investors were looking ahead to key consumer inflation data due out on Tuesday.
Last week, shares drifted lower amid worries that the Federal Reserve will need to remain hawkish longer than people previously expected. The upcoming consumer price report represents a key data set for illuminating how well the Fed’s interest rate increases have reined in inflation.
Among active stocks, Fidelity National Information Services (FIS) dropped following the release of its Q4 results. The company issued a disappointing 2023 forecast and revealed a plan to spin off its Merchant Solutions business.