US stocks remained steady on Monday as investors began counting down to the Federal Reserve’s annual meeting at Jackson Hole, Wyoming. The S&P 500 (^GSPC) rose 0.1%, while the Dow Jones Industrial Average (^DJI) hovered around the flatline. The tech-heavy Nasdaq Composite (^IXIC) also increased by 0.1%.

Last week, US stocks experienced their best week in a year, recouping losses from an early August sell-off. This rally was driven by encouraging economic data, which alleviated concerns about a potential recession. The recent figures showed continued resilience in consumer spending and a stable labor market, easing investor anxieties.

The focus now shifts to the Jackson Hole meeting, where Fed Chair Jerome Powell is expected to deliver a speech on Friday. Investors will be keenly attuned for any signals regarding rate-cut expectations. Currently, markets are pricing in a 72% chance of a 0.25% interest rate cut and a 28% chance of a 0.50% cut in September.

Additionally, investors will keep a watchful eye on the Democratic National Convention, which kicks off on Monday. This event could provide more insights into what to expect from presidential nominee Kamala Harris.

On the corporate front, a slew of retail earnings reports from companies like Lowe’s (LOW), Target (TGT), Macy’s (M), The TJX Companies (TJX), and BJ’s (BJ) Wholesale Club will be released this week. These reports will offer further glimpses into the health of the consumer.

Overall, the market is set to consolidate last week’s strong gains, with a measure of calm returning to a previously volatile market.