tesla shares finish up by 32 after longawaited arrival of first cybertruck the sp 500 and nasdaq composite closed at 15month highs on monday while dow industrials notched a sixth straight session of advances as stock investors shook off disappointing data on chinas economy that had curtailed risk appetite earlier in the day meanwhile investors geared up for a busy week of secondquarter corporate results last week the dow rose 23 the sp 500 gained 24 and the technologyheavy nasdaq composite jumped 33 dow industrials and the nasdaq each saw their biggest weekly percentage gains since march while the sp 500 booked its best week since midjune according to dow jones market data wall street began on a somewhat tentative start to the week after disappointing news from china fostered a cautious tone across global markets data showed the worlds secondlargest economy grew by only 08 in the second quarter compared with the previous three months slowing sharply from a 22 rise in the first quarter growth was 63 yearoveryear below forecastsreadinvestors start to fret that china europe may drag us economy down with them as the session wore on however stock investors chose to focus on the brighter side of us prospects while holding out hope that chinas softer data may translate into more stimulus from beijing on friday a senior official at chinas central bank liu guoqiang said policy makers could use their tools such as the reserve requirement ratio rrr and mediumterm lending facility as needed to weather challenges i would describe this market as having a very goldilocks domestic view on where things are going said michael reynolds vice president of investment strategy at glenmede which oversees 415 billion in assets from philadelphia investors are getting excited about whether we could get immaculate disinflation or inflation coming back to the feds 2 target while avoiding a recession whether that happens is something elseeven after chinas disappointing data on monday theres a pretty big focus on the domestic economy right now and investors are of the view that chinas government is going to step in with stimulus to get the countrys economy going reynolds said via phonea riskoff mood could be seen in industrial commodities sensitive to perceptions of chinese demand with oil futures declining for a second straight session and copper also ending lower meanwhile the us secondquarter earnings season faces a somewhat quieter session on monday after fridays big bank kickoff fb financial fbk and home bancorp hbcp are among those delivering their results after the market closes the next few days are nonetheless stuffed with potential market catalysts analysts said more earnings reports will come at a brisk pace this week with updates from the likes of tesla tsla morgan stanley ms goldman sachs gs netflix nflx and bank of america bac on the economic calendar tuesdays us retail sales will provide more color about the behavior of the vitally important consumerearnings watch the nations biggest banks are gearing up for more consumer struggles ahead stocks had rallied last week after a sharperthanexpected slowdown in inflation reflected in june data on consumer and producer prices the data reinforced expectations the federal reserve is near the end of its ratehike cycle but some market watchers argued the rally which has pushed the sp 500 higher by 178 this year has gone too far too fast need to knowthe sp 500 is hot the nasdaq is even hotter says strategist how traders are bracing for a pullback key inflation categories like shelter and wages remain uncomfortably high for example so if we see only one or two additional rate hikes prudent investors may want to cast a skeptical eye on overly exuberant rallies said saira malik chief investment officer at nuveen in new york in a note additionally in our view the higherforlonger interest rate environment has likely set the stage for a mild recession sometime in 2024 our base case looking at sp 500 corporate earnings as a gauge analyst estimates continue to be revised lower for both the second quarter of 2023 and the full year malik wrote on monday treasury secretary janet yellen sounded an optimistic note on the prospect of avoiding a recession citing the strength of the us labor market and encouraging inflation data i dont expect a recession yellen said in a bloomberg television interview speaking from india on the sidelines of a group of 20 finance officials meeting the new york feds empire state business conditions index a gauge of manufacturing activity in the state fell 55 points in july to 11 the regional fed bank said monday economists had expected a flat reading according to a survey by the wall street journal any reading above zero indicates improving conditions this content was created by marketwatch which is operated by dow jones  co marketwatch is published independently from dow jones newswires and the wall street journal