(MENAFN) U.S. stocks closed higher on Monday as investors geared up for a data-packed week, with two critical inflation reports on the horizon.

The Dow Jones Industrial Average climbed 114.09 points, or 0.25%, to 45,514.95. The S&P 500 added 13.65 points, or 0.21%, to 6,495.15. The Nasdaq Composite Index surged 98.31 points, or 0.45%, to 21,798.7, ending at a record high after reaching an intraday all-time peak earlier in the session.

Despite the overall positive sentiment, six of the 11 S&P 500 sectors ended in the red, with utilities and real estate sectors leading the declines, falling 1.07% and 0.68%, respectively. On the other hand, technology and consumer discretionary stocks performed well, rising 0.67% and 0.53%, respectively.

Notable stock movers included chipmaker Broadcom, which gained 3.21%, extending its 9% surge from Friday following strong earnings. Nvidia rose 0.77%, while Amazon saw a 1.51% increase, helping propel the Nasdaq higher.

“U.S. stocks have recorded a string of all-time highs in recent weeks, supported by a better-than-anticipated second-quarter earnings season, with strong results from AI-exposed companies, and a higher likelihood of a Federal Reserve rate cut in September,” David Lefkowitz of UBS Global Wealth Management said in a Monday note. “We think the equity bull market has further to run and expect the S&P 500 to reach 6,800 by June 2026.”

As Wall Street looks ahead, the market is now focused on the upcoming inflation data, with the producer price index due Wednesday and the consumer price index scheduled for Thursday. These reports are expected to offer fresh insights into the state of the economy, following last week's disappointing August jobs report and soft labor market data, which have fueled concerns about a potential recession.

Meanwhile, U.S. Treasury Secretary Scott Bessent cautioned that the United States would have to issue rebates if the Supreme Court does not uphold President Donald Trump’s contentious tariff measures, according to an interview on a media program. An appeals court had earlier ruled that the majority of these tariffs were unlawful, stating that the president had exceeded his authority.

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