Stocks rose higher Monday as market participants looked ahead towards a slew of upcoming earnings reports due out later this week. The Dow Jones Industrial Average rose more than 75 points, while the S&P 500 Index and Nasdaq Composite added 0.4% and 0.9%, respectively.

Here's how the market settled on Monday:

S&P 500 Index (SPY  ): +0.39% or +17.37 points to 4,522.79

Dow Jones Industrial Average (DIA  ): +0.22% or +76.32 points to 34,585.35

Nasdaq Composite Index (QQQ  ): +0.93% or +131.24 points to 14,244.95

The second-quarter earnings season is heating up this week, with big banks Goldman Sachs (GS  ), Morgan Stanley (MS  ) and Bank of America (BAC  ) set to join previous mixed releases from JPMorgan Chase (JPM  ), Wells Fargo (WFC  ) and Citigroup (C  ) last week. Other major companies including Netflix (NFLX  ), Tesla (TSLA  ) and United Airlines (UAL  ) are also scheduled to report this week.

This week is also the start of the Federal Reserve's blackout period, where Federal Open Market Committee members limit public speaking engagements ahead of the central bank's next policy decision set for Wednesday, July 26. Market participants are currently pricing a roughly 97% chance the Fed will increase interest rates in July following a pause in June, according to CME Group's FedWatch tool.

In economic news, manufacturing activity in New York stalled in July, with many firms reporting either expansion or contraction in nearly equal amounts. The New York Federal Reserve's Empire State Manufacturing Survey ticked 6 points lower to a reading of 1.1, representing the difference between firms seeing growth versus contraction; Wall Street expected a reading of zero.

Goldman Sachs Chief Economist Jan Hatzius lowered the firm's recession projection to 20% from 25% on Monday, citing recent economic data has "reinforced our confidence that bringing inflation down to an acceptable level will not require a recession."

"US economic activity remains resilient, with Q2 GDP growth tracking 2.3%," Hatzius said. "We do expect some deceleration in the next couple of quarters, mostly because of sequentially slower real disposable personal income growth."

"The easing in financial conditions, the rebound in the housing market, and the ongoing boom in factory building all suggest that the US economy will continue to grow, albeit at a below-trend pace," Hatzius added.

Elsewhere, Ford (F  ) shares were under pressure after the carmaker cut its F-150 Lightning electric vehicle prices on Monday. The Pro commercial truck will get a price cut of $9,979 to a new starting price of $49,995, while the top-line Platinum Extended models will be reduced by $6,079 to $91,995. The new prices come after Ford issues a series of price hikes last year for the battery-powered truck.

Chewy (CHWY  ) popped slightly Monday after Goldman Sachs analyst Eric Sheridan upgraded the stock to Buy from Neutral and raised the firm's price target by $8 to $50, implying a potential upside of more than 30% for the pet e-commerce company.

"With shares underperforming the S&P by ~1000bps YTD, we view the stock as having an attractive risk/reward profile especially as the company pivots towards a narrative of returning to customer growth (last quarter of lapping pandemic cohort attrition) and as Chewy runs up against long-term margin targets," Sheridan wrote in a note to clients Monday.

Looking ahead, traders will react to earnings from Bank of America, Morgan Stanley, Charles Schwab (SCHW  ), and Bank of New York Mellon (BK  ) due out Tuesday morning. Economic releases on U.S. retail sales and home builder confidence are also slated for release on Tuesday.