Equity markets see-sawed on Monday, with hope winning out in the end. The S&P 500 gained more than 0.5% at the session's close to potentially end a multi-week losing streak. This week's market risk lies in earnings reports from retailers and the start of the Jackson Hole Summit. The news from the summit is expected to center around inflation and the Fed's long-term trajectory, which is not expected to change. The next reading of inflation data is not for 2 more weeks.

News from the housing market could cap gains this week. The average rate on the 30-year mortgage approached 7.5% again and is expected to dampen demand. At the pace the Fed is expected to hike rates this year, the rate on the 30-year could top 8% by December and effectively close the housing market to most home buyers.