Investing.com-- U.S. stocks rose slightly Monday, bouncing after the previous session's weakness, but investors remained nervous ahead of more cues on inflation and the Federal Reserve. 

At 09:35 ET (13:35 GMT), Dow Jones Industrial Average rose 40 points, or 0.1%, S&P 500 rose 10 points, or 0.2%, and NASDAQ Composite rose 65 points, or 0.4%. 

PCE inflation, Fed speakers on tap

PCE price index data, the Fed’s preferred inflation gauge, is due this Friday, when markets will be closed. But the reading will still be closely watched, limiting activity this week, for more cues on the path of inflation, given that the Fed warned that any interest rate cuts in 2024 will be largely contingent on inflation moving towards its 2% annual target. 

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 Mary Daly and Fed Chair Jerome Powell, both of whom will give separate addresses on Friday. 

While the Fed signaled last week that it will cut rates by 75 basis points in 2024, markets remained on edge over any potential changes to this outlook, particularly from hot inflation. 

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.

There is more U.S. economic data to digest later in the session, including March’s consumer confidence data and the Richmond Fed’s manufacturing survey, while durable goods orders rose 1.4% in February, a significant improvement from the drop of 6.9% the prior month.

AI rally continues, Nvidia keeps record high in sight

That said, there still remains a great deal of confidence attached to AI-linked stocks amid persistent hype over the growing sector. 

Market darling NVIDIA Corporation (NASDAQ:NVDA) rose 1%, close to crossing a record high hit earlier in March. 

Memory chips maker Micron Technology (NASDAQ:MU) rose 2.7% after closing at a record high, Super Micro Computer (NASDAQ:SMCI) rose 5.3% after rallying over 7% on Monday.

Additionally, United Parcel Service (NYSE:UPS) 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.

Tesla (NASDAQ:TSLA) stock rose 4.9%, 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.

Crude flat ahead of API release

Oil prices traded largely flat, remaining close to four-month highs amid concerns of tightening global supply conditions. 

By 09:35 ET, the U.S. crude futures traded just lower at $81.94 a barrel, while the Brent contract dropped 0.1% to $86.06 per barrel.

Both benchmarks rose around 1.5% on Monday, with production cuts in Russia providing a key point of support as the country attempted to meet the lower production targets set by the Organization of Petroleum Exporting Countries and allies until end-June. 

The UN Security Council on Monday voted in favor of a resolution calling for an immediate ceasefire between Israel and Hamas in the Gaza strip, with the U.S. abstaining from voting.