The Dow Jones Industrial Average rose 0.55%, the S&P 500 gained 0.27%, and the Nasdaq Composite added 0.07%

Global stocks, U.S. Treasury yields and the dollar were steady on Monday as investors awaited the last round of transatlantic central bank interest rate hikes this year, hoping that the now-hefty pace of increases in borrowing costs will finally show signs of easing.

U.S. stocks edged higher in early trading, indicating a cautious start on Wall Street. The Dow Jones Industrial Average rose 0.55%, the S&P 500 gained 0.27%, and the Nasdaq Composite added 0.07%.

Oil prices were up following a multi-week decline, as a weakening global economy offset tighter supplies from the closure of a key pipeline supplying the United States, and Russian threats of a production cut.

The dollar eased, its losses contained by data last week that showed U.S. wholesale inflation rose more than expected last month, reinforcing the view that the Federal Reserve may have to keep interest rates higher for longer.

The U.S. consumer price index for November is due on Tuesday, when a slowdown in core annual inflation is anticipated.

A heavy event risk calendar this week stands to define the core themes for 2023, ING bank said.

Market consensus was still ‘underappreciating’ the risk of inflation staying higher longer, and ‘dangerously second-guessing’ the Fed in terms of rate cuts in the second half of next year, ING said.

The MSCI all country stock index was down 0.16%, the benchmark having lost about 18% so far this year, wiping out all gains chalked up in 2021.

In Europe, the STOXX index of 600 companies was down about 0.7% as investors awaited interest rate moves.

In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan slid 1.3%, erasing almost all of the previous week’s gains stemming from optimism that China is finally opening up its economy with the dismantling of its zero-COVID policy. Japan’s Nikkei eased 0.2%.