US stocks closed higher on Monday as investors assessed the impact of weak economic data.

Data from S&P Global showed a contraction in business activity for the month of October, raising the prospect that the US Federal Reserve could start to slow the pace of interest rate hikes.

shares of Tesla TSLA fell 1.5% on Monday as the company slashed the price of two vehicles in China.

The Nasdaq 100 rose 1.06% to close at 11,430.26 on Monday amid gains apple inc AAPL and Microsoft Corporation MSFT Equities, while the S&P 500 rose 1.19%. The Dow Jones rose around 417 points to settle at 31,499.62 in the previous session.

Investors await earnings results from General Motor Company GM, The Coca Cola company KO, General Electric Company GE, Microsoft Corporation MSFT and alphabet inc WELL.

Most sectors of the S&P 500 ended positively, with healthcare stocks and consumer staples posting the biggest gains on Monday. However, commodity stocks were among the worst performers, losing around 0.6% in the previous session.

The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) rose 0.5% to 29.83 points.

What is the CBOE Volatility Index?

The CBOE Volatility Index, popularly known as the VIX, is a measure of stock market volatility expectations based on call and put options of the S&P 500 index options.