Wall Street said goodbye to the month of September and to the third quarter as the major gauges recorded fresh highs.

The S&P 500 (^GSPC) rose 0.4% to close at a new record, while the Nasdaq Composite (^IXIC) gained close to 0.4%. Meanwhile, the Dow Jones Industrial Average (^DJI) finished just above the flatline, securing its latest all-time-high.

Over the last three months the Dow finished up 8.2%, leading the pack. The S&P gained 5.4% and the Nasdaq added nearly 3%.

Looking ahead to the rest of the week, investors are bracing for the September jobs report, due out on Friday, which is seen as posing an important test for the recent rally. The pressing question is just how quickly the labor market is slowing as the market weighs the Federal Reserve's next step after cutting rates by 50 basis points.

During a speech on Monday Fed Chair Jerome Powell signaled that the Fed isn't in a rush to cut rates, but that officials will do what it takes to keep the economy on solid ground.

Typically a challenging month for stocks, September has turned out to be a positive one for the major gauges, rounding out a solid quarter and setting the stage for the Federal Reserve's easing cycle.

The Dow Jones Industrial Average (^DJI) was on track to increase 1.4% for the month and ended the quarter up 7.8%, leading the pack. The S&P 500 (^GSPC) was set to gain about 1.5% for September and just under 5% for the quarter. Meanwhile, the Nasdaq Composite (^IXIC) was poised to add 2% for the month and close to 2% for the quarter.

The start of October could further boost the bullish mood if the next batch of economic data shows more favorable signs.

As Yahoo Finance's Josh Schafer reports, some analysts see the next step of the cycle as ushering in a bundle of positive factors.

Any evidence that the Federal Reserve is cutting interest rates amid an ideal backdrop of continuous economic growth, a solid labor market, and easing inflation would be a "hugely bullish" outcome for equities, Citi head of US equity trading strategy Stuart Kaiser said.

On Monday afternoon Fed Chair Jerome Powell vowed to do what it takes to keep the economy humming. But his remarks clarifying that the central bank is not on a predetermined path, and isn't in a rush to quickly cut rates also appeared to lower expectations for another 50 basis point cut.

Market bets for another half-percent cut dropped to 35% Monday afternoon, compared to 53% a day ago, according to the CME FedWatch tool.

"Overall, the economy is in solid shape; we intend to use our tools to keep it there," Powell said in a speech before the National Association for Business Economics in Nashville, Tenn. His remarks come days ahead of the the crucial monthly jobs report.

Powell said if the economy unfolds as expected, the Fed will cut interest rates "over time toward a more neutral stance."

But it is in no rush, he made clear during a question-and-answer session following his speech.

“This is not a committee that wants to cut rates quickly,” added Powell, referring to the Fed body that decides on the direction of rates.

Shares of Chevron rose close to 0.6% Monday afternoon following news that the US Federal Trade Commission cleared the company's $53 billion purchase of Hess Corp but barred CEO John Hess from serving on Chevron's board.

Even after the FTC's order, a final obstacle to the deal is still present in Exxon Mobile's challenge to the deal, Reuters reported.

The FTC alleged that Hess had openly communicated with members of the Organization of the Petroleum Exporting Countries (OPEC) to stabilize global oil markets. The FTC also said that allowing him to serve on Chevron's board "would amplify Mr. Hess's supportive messaging to OPEC and others, thereby meaningfully increasing the likelihood that Chevron would align its production with OPEC's output decisions to maintain higher prices."

The deal by the No. 2 US oil company will give Chevron access to the oil-rich offshore fields of Guyana.

Here are some of the stocks leading Yahoo Finance’s trending tickers page during afternoon trading on Monday:

Stellantis (STLA): Shares of the automaker tumbled 14% Monday afternoon after the company issued a stark warning about its North American operations, dragging other auto stocks lower.

Carnival (CCL): The cruise line fell 3% Monday after the company beat analyst expectations for the third quarter and raised its full-year guidance. But the results were still not enough to please investors looking for even stronger results.

Meta (META): The social media company is still riding the optimism sparked by its developer conference last week, where it featured AI and mixed reality updates. Shares rose nearly 1% Monday following an analyst upgrade as Monness, Crespi, Hardt, & Co. upped its price target from $570 to $620 on the strength of Meta's showcase and future services.

Boeing (BA): The airplane manufacturer sank deeper into its slump as the factory worker strike heads into its third week without a solution in sight and as talks with the company have broken off. Wall Street analysts have lowered their targets for Boeing stocks, citing costs associated with the strike. Shares fell more than 2% Monday.

The Real Estate (XLRE) sector rose more than 0.5% to lead the S&P 500 on Monday in a day with relatively subdued market action. The benchmark index itself was up just 0.06% around 12:30 p.m. ET.

Meanwhile, the Materials (XLB) sector was the biggest laggard falling 0.8%.

Nvidia (NVDA) stock slipped around 1% in early trading after falling as much as 2.8% before the market open. The drop follows a report from Bloomberg Friday that Beijing is urging Chinese companies to buy from chipmakers within its own borders — rather than Nvidia’s popular GPUs.

Nvidia has designed special chips for China since the US ramped up export controls on semiconductors to the country beginning in late 2022. Nvidia currently exports a version of its Hopper chip called H20, which complies with tougher trade rules, to China. Nvidia is reportedly working to bring online a version of its latest Blackwell chips for China as well.

Analysts remain bullish on Nvidia despite trade tensions and historic volatility in the semiconductor sector. About 90% of Wall Street analysts recommend buying the stock and see shares rising to $147.61 over the next year, according to Bloomberg consensus estimates.

A slew of labor market data headlined by the September jobs report will be in focus for investors this week. Updates on activity in the services and manufacturing sectors will also catch attention as market participants attempt to discern how quickly the US economy is slowing.

Wall Street strategists argue there’s a clear read through on what type of data would be supportive of a further rally in stocks.

Citi head of US equity trading strategy Stuart Kaiser told Yahoo Finance a scenario where the Fed isn't cutting because the economy needs it is "hugely bullish" for equities. Therefore a stronger than expected jobs report would likely be seen as a positive for stocks.

The September jobs report is expected to show 130,000 nonfarm payroll jobs were added to the US economy, with unemployment holding steady at 4.2%, according to data from Bloomberg. In August, the US economy added 142,000 jobs while the unemployment rate fell to 4.2%.

"Everything is about the growth side of the economy and everything is about the consumer," Kaiser said. "Any data that suggests consumer spending is holding in and you're not seeing the weakness that people are worried about and that the Fed is worried about, I think that's all going to be positive for equity markets."

Subsequently, a bad jobs report on Friday could have the opposite impact on stocks.

"If it turns out that they started cutting because they're legitimately concerned about weakness in the labor market, rate cuts aren't going to be enough to help equities in that case and you're going to trade lower," Kaiser said. "So the why [the Fed is cutting] matters here. And payrolls is going to help answer that."

Stellantis (STLA) stock sank nearly 13% as the automaker cut its 2024 profit forecast.

Instead of positive cash flow for the year, Stellantis now expects negative cash flow in a range of $5.58 billion to $11.17 billion. The automaker said it also expects its adjusted operating profit margin to come in between 5.5% and 7% this year, lower than the double-digit margins Stellantis initially forecast.

“Deterioration in the global industry backdrop reflects a lower 2024 market forecast than at the beginning of the period, while competitive dynamics have intensified due to both rising industry supply, as well as increased Chinese competition,” Stellantis said in a release.

Ford (F) and GM (GM) also traded lower after the news.

US stocks moved lower on Monday but were still set for strong monthly and quarterly gains as investors waited to hear Federal Reserve Chair Jerome Powell speak in the run-up to the crucial monthly jobs report.

The S&P 500 (^GSPC), the Nasdaq Composite (^IXIC), and the Dow Jones Industrial Average (^DJI) all fell about 0.2%.

With few catalysts to kick off the week, Powell’s speech on Monday afternoon is expected to be key.

Another media acquisition has been confirmed.

Yahoo Finance’s Alexandra Canal reports:

Satellite TV provider DirecTV (T, TPG) said Monday it will buy rival Dish Network (SATS), including Dish's streaming brand Sling TV, through a debt exchange transaction. Financial terms were not disclosed.

The deal, which is still subject to regulatory approval, is set to create one of the US's largest pay-TV providers.

"The combination of DirecTV and Dish will benefit US video consumers by creating a more robust competitive force in a video industry dominated by streaming services owned by large tech companies and programmers," the companies said in a joint statement.

Shares in EchoStar (SATS), which owns Dish Network, moved about 1% higher in premarket trading following the news. The stock had surged nearly 10% on Friday after the acquisition rumors intensified.