Stocks rose Monday, with the Dow Jones Industrial Average notching its 11th straight day of gains, as market participants geared up for a busy week of corporate earnings and the Federal Reserve's upcoming policy decision. The Dow climbed over 180 points, while the S&P 500 Index and Nasdaq Composite added 0.4% and 0.2%, respectively.

Here's how the market settled on Monday:

S&P 500 Index (SPY  ): +0.40% or +18.30 points to 4,554.64

Dow Jones Industrial Average (DIA  ): +0.52% or +183.55 points to 35,411.24

Nasdaq Composite Index (QQQ  ): +0.19% or +26.06 points to 14,058.87

The Dow extended its latest rally for another session on Monday, marking the sixth time since 1945 that the average rose for 11 or more consecutive days, according to Bespoke Investment Group.

Oppenheimer analyst John Stoltzfus wrote in a note Monday that this week offers "plenty of opportunity" for market moves as 165 S&P 500 companies -- including big tech names Alphabet (GOOG  ) (GOOGL  ), Apple (AAPL  ), Microsoft (MSFT  ), Amazon (AMZN  ) and Meta Platforms (META  ) -- are scheduled to report earnings and the central bank will announced its interest rate decision on Wednesday.

"This week will offer plenty of opportunity to test the stock market rally that began on October 12 last year and has carried forth from the beginning of this year through last Friday," Stoltzfus wrote.

On the economic front, U.S. manufacturing activity rose in July but still demonstrated sector contraction, according to the S&P Global Flash Purchase Managers Index reading released Monday. Meanwhile, services activity remains in expansionary territory this month.

Manufacturing PMI registered a reading of 49 in July, above June's print of 46.3 and continued to show contraction as the reading came below the natural level of 50. Services PMI came in at 52.4, ticking lower from June's reading of 54.4 and marked the lowest level in five months.

Elsewhere, FedEx (FDX  ) shares came under pressure after the transportation giant's pilots said Monday they had rejected a tentative contract agreement with the company in a vote of 57% to 43%. "Our members have spoken and we will now regroup and prepare for the next steps," said Captain Chris Norman, chair of FedEx Air Line Pilots Association, in a statement.

Looking ahead, investors are watching out for June's personal consumption expenditures report due out on Friday for more clues on the Fed's next moves for interest rates. Traders are currently pricing a 98% chance the central bank will raise its benchmark rate to a range of 5.25% to 5.50% at the conclusion of its July meeting on Wednesday, according to CME's FedWatch Tool, but its next moves forward are still data dependent.