Stocks advanced on Monday, building on the market's comeback as investors readied for the closely watched Federal Reserve symposium later this week.

The Dow Jones Industrial Average added 236.77 points, or 0.58%, to finish at 40,896.53. The S&P 500 rose 0.97% to close at 5,608.25, while the Nasdaq Composite jumped 1.39% and ended at 17,876.77. The S&P 500 and Nasdaq notched their eighth straight{

S&P 500 roars back with a rare 8-day win streak

Both the S&P 500 and Nasdaq Composite are up eight straight sessions — their longest win streaks of the year.

Rising eight consecutive sessions is very rare for the S&P 500. It has only done so 10 times since 1998.

The current streak has seen the S&P 500 soar 7%, making for its strongest eight-day win streak since the nearly 12% rally back in March 2003.

The market rally has been very broad of late, too. Lowry, the nation's oldest technical analysis service, noted on Friday that the New York Stock Exchange advance/decline hit an all-time high on Aug. 15. During the S&P 500's current eight-day win streak, 93% of the index is up, with just 36 stocks lower.

Additionally, 71 S&P 500 stocks have jumped 10% or more during the past eight sessions, with three of the top four gainers being chipmakers: Nvidia up 27%, Super Micro up 25%, Starbucks up 23%, and Micron up 23%.

The S&P 500 now sits just 1.5% below its July 16 record high.

— Bob Pisani, Robert Hum

Monday's moves mark an extension of the recent recovery rally, which has been the latest turn amid a choppy stretch for equities. Notably, last week ushered in the biggest gains for the three major indexes this year.

August had a turbulent start after disappointing data fueled recession fears and bolstered concerns that the Federal Reserve was behind the curve on lowering interest rates. Those worries sparked a global sell-off, pushing the S&P 500 on Aug. 5 to record its worst day since 2022.

But fresh data last week seemed to subdue an anxious market and boost hopes that the economy can attain a soft landing scenario. Investors saw good stats on retail sales and initial jobless claims, in addition to strong earnings from Walmart. On top of that, the annualized inflation rate measured in July's consumer price index touched its lowest level in more than three years.

"The market has almost fully recovered from the overblown recession fears earlier this month," said Greg Marcus, managing director of UBS Private Wealth Management. But, "we expect volatility to remain high for the rest of the year."

"While we do remain generally bullish, we don't see a straight line up in the market," he said. "The economy is slowing and there will likely be a mix of conflicting economic data points over the coming months, which is set to continue this recessionary debate."

Now, investors are hoping for insights into the path of interest rates amid mounting hopes for a forthcoming cut. They will monitor Fed Chair Jerome Powell's Friday speech at the central bank's symposium in Jackson Hole, Wyoming. Before then, traders will parse minutes from the Fed's most recent meeting due on Wednesday.

The Democratic National Convention also kicks off Monday.

Stocks close higher, extending recovery rally

The three major averages closed higher on Monday as the market's comeback continued.

The Nasdaq Composite led the way with a 1.4% gain, while the S&P 500 added about 1%. Both saw their eighth straight positive session, a first for each in 2024.

The Dow added 0.6%, marking its fifth winning day in a row.

— Alex Harring

Credit card spending still down from last year, says Bank of America

Total credit card spending per household was down 1% year over year in the week that ended Aug. 10, according to Bank of America's aggregate credit and debit card data.

"While still negative, department store, home improvement & furniture spending growth saw the largest increase since last week," the bank's U.S. economist Shruti Mishra wrote in a note Friday.

Transit and gas were the only two sectors the bank covers that saw a decline in spending growth during that time, she said.

— Michelle Fox

Stocks other than megacap tech have to rally to keep 'sustainable' market advance, according to Canaccord Genuity

Last week's rebound in equities reflected a pause in the recent broadening of the market rally as major technology stocks took the reins. That is not the best sign for continued gains, according to Canaccord Genuity.

"We continue to believe that for a sustainable market advance, we need to see a rally beyond the mega-cap technology stocks that drove the gains in the first half of the year," analyst Michael Welch said in a Monday note to clients, adding that he expected the recent weakness had more room to run given overbought conditions.

The percentage of S&P 500 stocks that reached above their 10-day and 50-day moving averages ramped up to about 90% and 69%, respectively.

— Pia Singh

Powell's Jackson Hole speech could revive market volatility again, says Oppenheimer's Stoltzfus

After a rocky beginning to August, Wall Street will be keeping a close eye on Federal Reserve Chair Jerome Powell's remarks this Friday at the Jackson Hole Economic Symposium. Oppenheimer chief investment strategist John Stoltzfus believes Powell's speech could move the markets as investors anticipate rate cuts at the central bank's September meeting.

"With many folks now looking for a cut of as much as 50 bps in September, a degree of hesitancy in the Chair's remarks could reintroduce some volatility into the market ahead of next weekend," Stoltzfus wrote in a Monday note.

However, Stoltzfus believes a 25 basis-point rate cut is more likely, citing last week's stronger-than-expected jobs numbers and retail sales data.

"With the Fed's expanded focus beyond inflation to likely include employment with July's unemployment rate at 4.3% vs. 4.1% in the month prior, considerations of the other component of its dual mandate (to provide sustainable economic growth without high inflation and support full employment) any intimation by the Fed Chair that no rate cut is forthcoming in September could reintroduce a tantrum reaction particularly from highly leveraged players in the market," Stoltzfus added.

— Hakyung Kim

Small-cap stocks have 'returned to the scene of the crime,' says Roth Capital Partners

Small-cap stocks could be poised to break out further in 2024 as the sector has "returned to the scene of the crime," according to Roth Capital Partners.

"The Russell 2000 may prove to be a leading indicator for the broader equity markets," chief market technician JC O'Hara wrote in a Sunday note. "If Small Caps can claw their way back to the August highs, it would suggest a risk on mentality which could lead to the overall equity markets appreciating."

O'Hara cautioned that the deterioration of optimism surrounding smalls could have bearish implications for the broader market and underpin a sentiment shift. The Russell 2000 has added about 7% in 2024.

"[I]f the Russell stalls at current levels, the overall positive tone for equities could diminish quickly. We find it somewhat strange that many sentiment survey results barely budged given a 10% correction in price," he said.

— Brian Evans

Stocks track to end higher

The three major indexes remain poised for gains as the final trading hour kicked off.

The Nasdaq Composite has led the way with an advance of nearly 1%, as of shortly after 3 p.m. ET. The S&P 500 and Dow have added 0.7% and 0.5%, respectively.

If the S&P 500 and Nasdaq end positive, it will mark the eighth winning day for both. That would be the first streak of that length for both since 2024 began.

— Alex Harring

Rate cuts could unleash 'pent-up demand,' investment chief says

The Federal Reserve's rate cuts could have a more outsized effect than investors are currently expecting, according to Yung-Yu Ma, investment chief at BMO Wealth Management. Ma expects the easing of monetary policy, as well as a receding of recession fears, could shift companies back into growth mode, bolstering stocks.

"We think that the rate cuts are actually going to have much stronger and favorable impact, probably than the markets are pricing in now," Ma told CNBC's "Money Movers."

"Maybe not the first rate cut, but after we get 75 basis points, 100 basis points of rate cuts, we think there's a lot of pent-up demand lurking beneath the surface," Ma added.

— Sarah Min

Wall Street firms initiate coverage of cold storage REIT Lineage, sending shares higher

Several firms, including Goldman Sachs and Bank of America, initiated coverage of Lineage just a few weeks after the cold storage real estate investment trust went public in late July.

Lineage went public on July 25 via an initial public offering, which was the largest IPO of the year. The company — the world's largest global temperature-controlled warehouse REIT — raised $4.4 billion at an implied valuation above $18 billion. Shares added about 3% on Monday.

"The primary drivers of growth in the cold storage industry are how much food is consumed overall, and what kinds of food consumers prefer. We believe LINE's own scale, market share, locations, and property quality will allow it to have some pricing power, driving revenue growth," Goldman analyst Caitlin Burrows said in a Monday note, initiating coverage of the company with a buy rating and the most bullish price target among major firms at $105.

"More importantly, on the cost side, we expect management will minimize labor costs (i.e., their largest cost) through automation and power costs through data analytics and solar power," she added.

Read here to see what major Wall Street analysts have to say about the stock as a long-term play.

— Pia Singh

Dollar falls against the yen

The U.S. dollar weakened 0.8% against the Japanese yen at 146.51 on Monday.

This marked the lowest level for the greenback versus the yen since Aug. 7, when it traded as low as 144.29 yen.

— Hakyung Kim, Gina Francolla

Berkshire Class B shares climb to record high

Berkshire Hathaway's Class B shares rose more than 1% to hit an all-time high of $450.45 during Monday's session.

Class A shares climbed a similar 1.2% to $674,850 apiece. They normally would have also reached a record high along with their class B counterparts, but due to a glitch with the New York Stock Exchange in June, the price of Class A shares temporarily surged to "anomalously" high prices above $740,000.

In the second quarter, Warren Buffett raised Berkshire's cash pile to a record $276.9 billion, while selling big chunks in stock holdings including Apple. It was revealed last week that the conglomerate picked up small stakes in Ulta Beauty and Heico last quarter.

Year to date, Class B shares have rallied 26%, significantly outperforming the S&P 500.

— Yun Li

Advanced Micro Devices and HP among stocks on the move midday

These are the stocks making the most significant moves during midday trading:

• Advanced Micro Devices — The chipmaker's stock gained more than 2%. Advanced Micro Devices announced plans to buy server builder ZT Systems in a cash-and-stock deal totaling $4.9 billion.
• HP — Shares slid more than 3% after Morgan Stanley downgraded the personal computing company to equal weight from overweight, citing limited upside potential.
• Sweetgreen — The salad chain dropped 6% after Piper Sandler downgraded Sweetgreen to neutral from overweight, saying the risk/reward for the stock is now more balanced.

Read the full list of stocks here.

— Samantha Subin

S&P 500 roars back with a rare 8-day win streak

Both the S&P 500 and Nasdaq Composite are up eight straight sessions — their longest win streaks of the year.

Rising eight consecutive sessions is very rare for the S&P 500. It has only done so 10 times since 1998.

The current streak has seen the S&P 500 soar 7%, making for its strongest eight-day win streak since the nearly 12% rally back in March 2003.

The market rally has been very broad of late, too. Lowry, the nation's oldest technical analysis service, noted on Friday that the New York Stock Exchange advance/decline hit an all-time high on Aug. 15. During the S&P 500's current eight-day win streak, 93% of the index is up, with just 36 stocks lower.

Additionally, 71 S&P 500 stocks have jumped 10% or more during the past eight sessions, with three of the top four gainers being chipmakers: Nvidia up 27%, Super Micro up 25%, Starbucks up 23%, and Micron up 23%.

The S&P 500 now sits just 1.5% below its July 16 record high.

— Bob Pisani, Robert Hum

All 11 S&P 500 sectors track for gains

All 11 sectors that comprise the S&P 500 traded higher on Monday, underscoring the breadth behind the broad index's leg up.

Energy was the best-performing sector of the 11 with a gain of more than 1%. EQT led the sector higher with a 4.5% rally.

On the other hand, information technology saw the smallest increase at just 0.1% higher. HP was among the stocks restricting gains with a slide of more than 3%, followed by KLA with a drop of almost 2%.

As a whole, the S&P 500 was up about 0.4% midday.

— Alex Harring

Zim shares soar after earnings

Zim Integrated shares jumped nearly 24% after the marine shipping company released earnings and raised its full-year guidance.

The company said to expect between $2.6 billion and $3 billion for adjusted EBITDA in the full year, much higher than its previously forecast range of $1.15 billion to $1.55 billion. Zim also said it earned $1.93 billion in revenue during its second quarter.

With Monday's gain, Zim was heading for its best day since going public in 2021. Other marine shipping stocks such as Star Bulk and Castor Maritime also rose in the session.

— Alex Harring

Leading indicators post bigger-than-expected decline

The Conference Board's Leading Economic Index showed a decline of 0.6% in July, worse than the 0.4% drop from the Dow Jones consensus, but not low enough to foretell a recession. The index, which measures a series of 10 indicators, declined 0.2% in June.

"The LEI continues to fall on a month-over-month basis, but the six-month annual growth rate no longer signals recession ahead," said Justyna Zabinska-La Monica, senior manager, business cycle indicators, at The Conference Board.

— Jeff Cox

Stocks open near flat

The three major indexes were all little changed as Monday's trading session kicked off.

The Dow added around 0.2% shortly after 9:30 a.m. ET, while the S&P 500 and Nasdaq Composite each ticked up by 0.1%.

— Alex Harring

SEC charges and fines Carl Icahn over stock pledges

The U.S. Securities and Exchange Commission has charged activist investor Carl Icahn with failing to disclose the use of Icahn Enterprises stock as collateral for personal margin loans worth billions of dollars.

The charges have already been settled, according to the announcement Monday. Under the terms of the deal, Icahn and Icahn Enterprises will pay fines of $500,000 and $1.5 million, respectively.

Shares of Icahn Enterprises were moving volatilely after the announcement and were last up less than 1%.

— Jesse Pound

Stocks could follow 'W'-shaped pattern, BTIG says

The S&P 500 closing above 5,450 multiple times last week places into question what the market's recovery will look like, according to BTIG.

The market should follow a "W"-shaped move coming out of the rout seen earlier this month, said Jonathan Krinsky, the firm's chief market technician. That's instead of a "V" pattern, in which stocks would rebound directly back to all-time highs.

For the S&P 500, he said this means it could retest 5,400 before attempting to break back above 5,600. The broad index has neared the 5,670 level at highs seen in the past year.

"We are mindful that it would still be a historical anomaly to not get a bigger breadth washout," Krinsky wrote in a Sunday note to clients. However, "bears now need to break back under 5400 to have any shot at that."

— Alex Harring

Stocks making the biggest moves premarket

Check out some of the companies making notable moves in premarket trading:

• AMD — Shares added nearly 3% before the opening bell following news that the semiconductor company would acquire ZT Systems in a $4.9 billion deal.
• Estée Lauder — The cosmetics stock pulled back 4% after the company issued a disappointing first-quarter earnings and full-year outlook, although it was not clear if the figures are comparable to FactSet estimates.
• Dutch Bros — Shares of the coffee chain company were nearly 4% lower after Piper Sandler downgraded the stock to neutral from overweight, with analyst Brian Mullan asserting that the stock's risk/reward skew is currently adequately balanced.

Read the full list here.

— Brian Evans

Goldman Sachs lowers recession outlook

Goldman Sachs trimmed its probability forecast for a U.S. recession over the weekend.

Economists at the bank lowered their outlook to 20% from 25% over the weekend. Earlier in the month, Goldman had raised it to 25% from 15%.

This weekend's change comes after the S&P 500 notched its best week this year. The market received fresh data that helped quell fears about the likelihood of an economic slowdown.

— Alex Harring, Jenni Reid

European markets open mixed

European stocks started the new trading week in mixed territory after global markets rallied last week.

The pan-European Stoxx 600 index was marginally lower in opening deals, down 0.08%, with sectors and major bourses diverging.

The U.K.'s FTSE index was 0.23% lower at 8,292, Germany's DAX was down 0.11% at 18,303, France's CAC 40 was up 0.5% at 7,454 and Italy's FTSE MIB was up 0.23% at 33,115.

— Karen Gilchrist

Yields could rise before Fed meeting, says Oxford Economics' Canavan

Don't be surprised if yields rise ahead of the Federal Reserve's September policy meeting, according to John Canavan, lead analyst at Oxford Economics.

"We believe there may be room for some additional corrective unwinding of the recent bull-steepening trade ahead of the September FOMC decision," he wrote in a note to clients. "Markets have gotten ahead of the Fed, and some shifting views of the economy have grown too pessimistic, in our view."

The firm is bracing for two rate cuts this year, with the first 25 basis-point cut expected in September. Canavan expects the second cut in December.

— Samantha Subin

Stock futures edge higher

Stock futures opened slightly higher Sunday evening.

Futures tied to the S&P 500 rose 0.1%, while futures connected to the Dow Jones Industrial Average added 20 points. Nasdaq-100 futures edged up 0.1%

— Samantha Subin