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Stocks gained on Monday, steadying after last week's volatility as investors looked ahead to a key event from the Federal Reserve later this week.

The S&P 500 advanced 0.3%, led by gains in energy stocks as oil prices recovered. U.S. West Texas intermediate crude oil futures (CL=F) topped $64 a barrel, and Brent crude (BZ=F) jumped above $67 per barrel after suffering its longest losing streak since early 2018 as of last week.

The Dow also opened higher as shares of Chevron (CVX) and Boeing (BA) outperformed. Shares of pharmaceutical company Pfizer (PFE) rose nearly 4% after announcing it will acquire the cancer drugmaker Trillium Therapeutics (TRIL) for $2.3 billion, adding to positive sentiment following separate reports that the U.S. Food and Drug Administration is set to fully approve the company's top-selling COVID-19 vaccine this week following months of use under emergency authorization.

Stocks came under pressure late last week after the Federal Open Market Committee's July meeting minutes signaled that "most" Fed participants believed the economy will have recovered enough to warrant the start of asset-purchase tapering by the end of this year. The S&P 500 posted its first weekly decline in three weeks, albeit while closing out Friday's session to the upside. Central bank officials are set to hold their annual Jackson Hole Symposium this week starting on Thursday, which could serve as a forum for more remarks about the size and scope of the Fed's tapering plans.

A host of new earnings and economic data have also come in. On the whole, corporate profits have been exceptionally strong, with nearly 90% of S&P 500 companies having topped consensus earnings per share estimates, according to FactSet. That's come even as concerns over the spread of the Delta variant have resurged and issues around supply chain and materials and labor shortages have remained.

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