U.S. stocks opened modestly higher on Monday as investors stayed focused on two market-moving events later this week: the latest consumer price index report and remarks from Federal Reserve Chair Jerome Powell.

The cautious start reflected a market that remains sensitive to signs of how quickly inflation is cooling and what that could mean for the central bank’s next steps on interest rates. Even small surprises in the CPI reading could influence expectations for policy easing or a longer period of restrictive borrowing costs.

Traders also looked ahead to Powell’s speech for any clues about the Fed’s view on inflation progress, economic growth, and the timing of future decisions. Until then, many investors appeared to be holding positions rather than making bigger bets.

The subdued move followed a period in which markets have been repeatedly adjusting to changing expectations for rate cuts, with economic data continuing to shape sentiment across equities, bonds, and currencies.