All three major indexes started the week higher, with the tech-heavy Nasdaq rising 98 points for a record close. The Dow finished the day up triple digits, while the S&P 500 settled with a modest gain, not too far from its own highs.

Overall, investors are largely optimistic regarding a rate cut later this month, though inflation data later this week could determine if the central bank cuts rates again in late October. In the meantime, today's data revealed that U.S. consumer borrowing surged to a much higher-than-expected $16.01 billion in July, showing a strong increase in consumer confidence. 

OIL RISES AFTER SOFT OUTPUT HIKE

Oil prices rose after the Organization of the Petroleum Exporting Countries and allies' (OPEC+) output meeting on Sunday, which brought a modest output hike. October-dated West Texas Intermediate (WTI) crude climbed 39 cents, or 0.63%, to settle at $62.26 a barrel.

Gold prices hit another record high, surpassing $3,600 for the first time. U.S. gold futures rose 0.7% to $3,680.30 per ounce. 

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