"Market Reacts to CPI Data and Fed's Upcoming Decision"

Stocks closed higher on Monday as investors await the release of the Consumer Price Index (CPI) data and the Federal Reserve's interest rate decision. The Dow Jones Industrial Average and S&P 500 reached their highest levels since January and March 2022, respectively, while the Nasdaq Composite closed at its highest level since April 2022. The focus is now on the CPI data, which is expected to show a slight deceleration in inflation. In individual corporate news, Macy's shares surged after receiving a $5.8 billion buyout offer, and Coinbase stock declined as bitcoin prices fell. JPMorgan warned of a potential "catch-22 situation" for US markets in 2024, and Microsoft reached a tentative agreement on AI provisions in union contract negotiations.