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Investing.com -- The S&P 500 jumped Monday,  rebounding from its biggest weekly slump since 2023, as investor attention turns to Apple (NASDAQ:AAPL)'s iPhone launch and inflation data ahead of a widely expected Federal Reserve rate cut next week.  

At 12:50 p.m. (1650 GMT), the Dow futures contract rose 636 points or 1.6%, S&P 500 futures increased 1.4%, and Nasdaq 100 futures climbed 1.3%.

"We don’t think the rally is being spurred by any specific news items out since the Fri[day] close but instead some (modest) dip buying driven in large part by oversold conditions and monetary support anticipation," analysts at Vital Knowledge said in a note to clients.

Apple flat ahead of the Glowtime product launch event

Apple struggled to join in on the tech rally as investors look ahead to the company's product launch event later on Monday. 

The tech giant is expected to release a slew of new iPhone models, and showcase its generative artificial intelligence software, Apple Intelligence. 

Many are watching the event for signs that the Apple's foray into AI can spark a new upgrade cycle for the iPhone.  

Inflation data on tap as expected Fed rate cut in focus

Inflation data including the consumer price index and producer price index for August are slated to be released on Wednesday and Thursday, respectively. 

The duo of inflation update is the last top-tier economic data ahead of the Fed meeting on Sept. 18. 

UBS said it sees the risk of an upside surprise in the core CPI for August, particularly, if hospital prices bounce back.  

Still, with the labor market is now in the monetary policy driving seat, and following last week's weaker nonfarm payrolls report, many expect the Fed to cut at its meeting next week.  

Investors' bets that the Fed will bring down rates by 25-basis points stood at 73% on Monday morning, according to the CME Group's (NASDAQ:CME) closely-monitored FedWatch Tool.

Meanwhile, the probability of a 50-basis point cut stood at 27% after briefly jumping above 50% in the immediate wake of the jobs data.

Boeing shares jump after tentative union agreement reached; Palantir, Dell set to join S&P 500 

Shares in Boeing (NYSE:BA) rose 4% 0on Monday after it tentatively agreed to a 25% pay increase for its biggest union, possibly averting a damaging strike that threatens to heap further pressure on the embattled planemaker.

Along with the wage bump, the proposed four-year deal would also include a commitment to build a new plane in the US Pacific Northwest, improved retirement benefits and an increase to the union's input into jet quality.

Palantir Technologies Inc (NYSE:PLTR) and Dell Technologies Inc (NYSE:DELL) were in rally on Monday after S&P Global (NYSE:SPGI) announced on Friday that both stocks would join the S&P 500 before the open on Sept. 23, replacing American Airlines (NASDAQ:AAL) and Etsy (NASDAQ:ETSY) in the index. 

Elsewhere, shares in crypto-related stocks like digital coin exchange Coinbase (NASDAQ:COIN) and crypto miners Cleanspark (NASDAQ:CLSK) and Marathon Digital (NASDAQ:MARA) advanced.

The price of Bitcoin, the world's most well-known digital token, increased on Monday, extending its drive higher into a third-consecutive day.

(Scott Kanowsky, Reuters contributed to this report.)

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