Market Update: Stocks Rise Ahead of Key CPI Report

Stocks rose on Monday as traders look ahead towards key economic reports this week and slightly recovered from Wall Street's worst week of the year so far. The Dow Jones Industrial Average climbed over 375 points, while the S&P 500 Index and Nasdaq Composite rose about 1% and 1.5%, respectively.

Here's how the market settled on Monday:

S&P 500 Index (NYSE: SPY): +1.15% or +46.94 points to 4,137.40

Dow Jones Industrial Average (NYSE: DIA): +1.11% or +377.05 points to 34,246.32

Nasdaq Composite Index (NASDAQ: QQQ): +1.48% or +173.67 points to 11,891.79

Investors are preparing for more inflation data this week, with January's consumer price index report slated for release Tuesday morning. Many analysts are expecting the report to show more signs of inflation cooling that may cause the Federal Reserve to pause or pivot interest rate hikes sometime this year.

Other key economic reports due out this week include retail sales data for last month on Wednesday and a reading of the producer price index for January set for Thursday. The week ahead also is stocked with earnings reports from companies including Airbnb (NASDAQ: ABNB), Coca-Cola (NYSE: KO), Deere (NYSE: DE), DraftKings (NASDAQ: DKNG), and Paramount Global (NASDAQ: PARA).

In stock news on Monday, Sorrento Therapeutics (NASDAQ: SRNE) shares fell over 72% after the drugmaker filed for Chapter 11 bankruptcy protection in Texas. The heavily-shorted company was working on a COVID-19 treatment.

Twilio (NYSE: TWLO) shares rose over 2% after the cloud communications software maker announced plans to cut about 17% of its workforce, or about 1,500 jobs. The announcement came after the company already laid off 11% of its workforce as part of a restructuring plan in September.

In an email Monday to employees, CEO Jeff Lawson said the additional layoffs were driven by the need to reorganize the company in order to succeed in the current macroeconomic environment, CNBC reports.

Meta Platforms (NASDAQ: META) shares rose after the Financial Times reported that more layoffs are coming to the social media giant. The news outlet reported that multiple teams have delayed finalizing budgets as the company prepares for another round of cuts.

Ford (NYSE: F) announced Monday it will collaborate with a Chinese supplier on a new $3.5 billion battery plant for electric vehicles in Michigan. The facility is expected to open in 2026 and employ about 2,500 people, according to Ford.