How major United States stock market indexes fared on Monday

Among individual stocks, shares of Clovis Oncology (CLVS) are moving sharply higher in pre-market trading after the biopharmaceutical company announced positive late-stage trial data for its ovarian cancer drug.

The S&P 500 index showed 49 new 52-week highs and 10 new lows, while the Nasdaq recorded 99 new highs and 87 new lows.

Additionally, Brexit negotiations with the European Union are set to begin today after Britain bowed to pressure for a formal opening to their long-awaited negotiations rather than first holding technical talks between civil servants.

The gains Monday put major USA indexes further into record territory.

The economic calendar for the week remains relatively quiet, although traders are likely to keep an eye on reports on new and existing home sales and leading economic indicators.

Dudley welcomed the Fed's recent rate increases, adding that he expects wage growth to accelerate and the labour market to tighten.

Dudley's words came in less than a week after the Fed raised its interest rates for the fourth time since December 2015.

Biotechnology stocks saw substantial strength on the day, resulting in a 2.2 percent jump by the NYSE Arca Biotechnology Index.

The Russell 2000 index of smaller company stocks rose 11.35 points, or 0.8 percent, to 1,418.08. Micron (MU) and Integrated Device Technology ( IDTI ) posted standout gains.

The S&P 500 bank subsector.SPXBK rose 1.3 percent. Meanwhile, an ounce of gold is trading at $1,251.10, down $5.40 from the previous session's close of $1,256.50.

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The S&P's financial sector.SPSY was also one of the benchmark's strongest gainers with a 0.98 percent rise after New York Federal Reserve President William Dudley said US inflation was a bit low but should rise alongside wages as the labor market continues to improve, allowing the Fed to continue gradually tightening monetary policy. The Nasdaq composite climbed 70 points, or 1.1 percent, to 6,221.

  • Zachary Reyes