US stocks wavered on Monday ahead of a consequential week that could provide key signals for the nearterm path of interest rates.

The S&P 500 (^GSPC) hugged the flatline, while the techheavy Nasdaq Composite (^IXIC) was up 0.1% after each index notched its latest record on Friday. The Dow Jones Industrial Average (^DJI) erased earlier session gains to slip 0.2%.

The S&P and Nasdaq are looking to build on records secured in the wake of Friday's jobs report, which signaled continued cooling in the labor market. That prompted an influx of bets on a September rate cut from the Federal Reserve. About 3 in 4 traders expect a cut in September, according to the CME FedWatch tool.

Several events this week could add to that growing ratecut momentum. Fed Chair Jerome Powell is set to appear in Congress for semiannual testimony on Tuesday and Wednesday. Then comes the latest Consumer Price Index print, set for release on Thursday. Economists expect headline inflation rose 3.1% over the last year, which would match the lows where the CPI started the year.

In other marketmoving events, a leftwing coalition in France garnered the most votes in the country's election, stunning a farright that was hoping to secure a parliamentary majority. The benchmark French index (^FHCI) rose slightly.

In corporates, Boeing (BA) pleaded guilty to a criminal conspiracy charge in relation to two fatal 737 Max crashes. Shares were up nearly 1% during the sesssion.

Meanwhile Tesla stock (TSLA) erased early session losses to turn positive as shares of the EV giant were on track to extend an eightday winning streak.

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