Investing.com — U.S. stocks climbed Monday, as investors digested data showing U.S. consumer confidence fell to the lowest level since November, fueling further hopes that the Federal Reserve is poised to cut interest rates as soon as June.
At 14:12 ET (18:12 GMT), rose 75 points, or 0.2%, rose 0.2%, and rose 0.3%.
Consumer confidence slips to lowest level since November
The fell to 104.7 from a downwardly revised 104.8, the lowest reading since November 2023.
As consumer sentiment is a leading indicator of consumer spending, which drives the bulk of economic growth, fresh signs of a weaker consumer supported bets for a rate cut as soon as June.
Traders see an at least 70% chance that the Fed will begin its easing cycle in June, as per the CME FedWatch tool, up from a near 59% chance seen early last week.
The data came just days data, the Fed’s preferred inflation gauge, due this Friday, when markets will be closed.
Along with the inflation data, a string of Fed officials are also set to speak this week, with particular focus on Federal Open Markets Committee member and , both of whom will give separate addresses on Friday.
Chips Nvidia loses steam but remains close to record; Tesla rebounds
Market darling NVIDIA Corporation (NASDAQ:) was gave up gains after rising more than 1% to a day high of $963.75, just shy of a prior intraday record of $947.
Still, other chipmakers were in ascendency with Seagate Technology rising 6% after Morgan Stanley upgraded the data storage company to overweight from equal weight and hikes its price target to $115 from $73.
Tesla (NASDAQ:) stock rose 4%, with the electric carmaker set to offer U.S. customers a month’s free trial of its driver-assist technology, Full Self-Driving, CEO Elon Musk said on Monday.
UPS slumps despite upbeat forecast; Trump Media & Technology group jumps on stock market debut
Additionally, United Parcel Service (NYSE:) stock rose 0.2% after the delivery giant forecast better-than-expected 2026 consolidated revenue, as it works to aggressively cut costs and capture market share.
Trump Media & Technology Group Corp (NASDAQ:), parent company of former President Donald Trump’s Truth Social app, jumped 45% in its stock market debut following a merger with blank-check company Digital World Acquisition .
In other news, Krispy Kreme Inc (NASDAQ:) rallied 29% after clinching a deal to sell doughnuts at McDonald’s (NYSE:) restaurants later this year, with plans to expand the offering nationwide by the end of 2026.
(Peter Nurse, Ambar Warrick contributed to this article.)
