Stocks bounced after dipping early Monday as traders look ahead for a big week for retail. The Dow Jones Industrial Average climbed over 150 points, while the S&P 500 and Nasdaq Composite rose over 0.4% and 0.6%, respectively. The Dow also closed above its 200-day moving average for the first time since April 20.

Here's how the market settled on Monday:

S&P 500 Index (SPY  ): +0.40% or +16.99 points to 4,297.14

Dow Jones Industrial Average (DIA  ): +0.45% or +151.39 points to 33,912.44

Nasdaq Composite Index (QQQ  ): +0.62% or +80.87 points to 13,128.05

In focus on Monday was data out of China that showed a slowdown in economic activity. The world's second largest economy saw retail sales and industrial production come in lower than expected for July.

Moreover, the People's Bank of China, the nation's central bank, unexpectedly cut rates overnight, raising concerns over the health of China's economy as it recovers from the lingering impacts of the coronavirus pandemic.

Oil futures fell in response China's weak economic data, which fueled already present demand slowdown concerns. West Texas Intermediate (USO  ) declined 4.5% to trade at $87.94 per barrel, while international benchmark Brent Crude (BNO  ) dropped 4.5% to $93.71 per barrel.

In the United States, investors were also greeted with disappointing manufacturing data on Monday. The New York Federal Reserve's Empire State Manufacturing Survey plummeted to a reading of -31.3 in August, a 42-point drop. This marked the lowest reading since May 2020 as new orders and shipments sharply fell on weakening demand.

U.S. homebuilders sentiment also declined in August, dropping 6 points to 49 for the month and marking its eighth straight month of declines. Readings below the neutral level of 50 also indicate contraction in the sector.

"Tighter monetary policy from the Federal Reserve and persistently elevated construction costs have brought on a housing recession," said Robert Diaz, chief economist for the National Association of Home Builders, in a statement.

Monday's moves follow a positive week for Wall Street as market participants were encouraged by a series of better-than-expected inflation reports that showed signs inflationary pressures may have peaked.

Looking ahead, investors are gearing up for a busy week of retail data, including the Commerce Department's month report on retail sales due out Wednesday. Quarterly earnings reports from retail giants like Walmart (WMT  ), Target (TGT  ) and Home Depot (HD  ) are also scheduled to release later this week.