LIVE MARKETS-On your mark, get set...see you tomorrow

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ON YOUR MARK, GET SET...SEE YOU TOMORROW

Wall Street wobbled and fluttered for much of the session on Monday before settling on modest gains, as a dearth of catalysts provided little motivation, ahead of crucial data and the unofficial kick-off of second-quarter earnings season.

The Dow Jones Industrial Average .DJI rose 88.14 points, or 0.20%, to 44,459.65, the S&P 500 .SPX gained 8.81 points, or 0.14%, to 6,268.56 and the Nasdaq Composite .IXIC gained 54.80 points, or 0.27%, to 20,640.33.

Among the S&P 500's 11 major sectors, communication services .SPLRCL, real estate .SPLRCR and financials .SPSY were among outperformers, while energy shares .SPNY weighed down by falling crude prices CLc1 suffered the steepest percentage loss.

Monday's languid stock market gains suggest investors have grown tired of the Trump TACO truck, as negotiators thrust and parry with threats of countermeasures and extended olive branches, days after the U.S. President said he would impose a 30% tariff on most imports from Europe and Mexico starting next month, and issued similar warnings to Japan and South Korea. The TACO acronym, which stands for "Trump Always Chickens Out," is a reference to the multiple deadline extensions and walk-backs that have followed many of the President's market-rattling trade announcements since his "liberation day" press event on April 2.

Travel-related shares did well, with Norwegian Cruise Lines NCLH.K, Carnival CCL.N and Delta Airlines DAL.N clear outperformers. The S&P 1500 Airlines index .SPCOMAIR added 1.7%.

Bitcoin BTC= breached the $120,000 level to notch a record high, sending crypto companies Coinbase COIN.O and Microstrategy MSTR.O up 1.8% and 3.8%, respectively.

On Tuesday, the Labor Department's CPI report is expected to show inflation heating up a bit, which would toss some cold water on the hopes of the hold-outs still hoping for a July rate cut. CME's FedWatch tool currently shows a dwindling 4.7% likelihood of that outcome.

The New York Fed's Empire State survey is expected to show factory activity contracting in July at a shallower pace than in June.

Results from big banks JPMorgan Chase JPM.N, Citigroup C.N and Wells Fargo WFC.N are due before the opening bell, marking the unofficial launch of second-quarter earnings season, which is likely to be largely focused on forward guidance and uncertainties related to tariffs and supply chains.

Here's your closing snapshot:

(Stephen Culp)

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