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STORY: U.S. stocks ended with modest gains on Monday, but enough for the Dow and S&P 500 to register record closing highs.

The Dow ticked up fractionally, while the S&P 500 and the Nasdaq each climbed about four-tenths of a percent.

Federal Reserve Chair Jerome Powell, speaking at conference in Nashville, said he sees two more rate cuts this year totaling 50 basis points if the economy evolves as expected.

"Powell's speech that just came out was beautiful...."

Robert Conzo is CEO and managing director of The Wealth Alliance.

"Essentially what he said was, we have basically, almost, tamed inflation and got to our target, when you look at the PCE (personal consumption expenditures) deflator that just came out, roughly 2.2 [percent] and the CPI roughly two-and-a-half [percent]. And now his mandate is switched obviously to labor. And he said on top of that, labor is strong. [FLASH] Unemployment was in the mid threes [percent], unemployment came up to 4.2 [percent] and prices came down. That's becoming more of a neutral rate, and he's in a neutral setting. And he's very, very positive about that."

Traders are now pricing in a 35% chance of a 50 basis point cut in November, down from more than 50% on Friday, according to CME's FedWatch Tool.

Investors will be watching to see if this week's key economic reports, including jobless claims and monthly nonfarm payrolls, alter that picture.

Stocks on the move included CVS Health, which rose nearly 2.5% after a report showed hedge fund Glenview Capital Management will meet top executives at the healthcare company to propose ways to improve operations.

And shares of automakers slumped after Jeep-maker Stellantis cut its 2024 profit forecast, with GM dropping three-and-a-half percent and Ford shedding 2%.