04:08 PM EDT, 06/10/2024 (MT Newswires) -- US benchmark equity indexes closed higher Monday as markets awaited the Federal Reserve's latest monetary policy decision and inflation reports for May, scheduled to be released later in the week.

* The central bank's Federal Open Market Committee is widely expected to hold its benchmark lending rate steady Wednesday, according to the CME FedWatch Tool.

* The New York Fed's survey for May showed lower near-term inflation expectations, though longer-term expectations moved higher. Home price expectations were unchanged from the previous month.

* July West Texas Intermediate crude oil rose $2.36 to $77.89 per barrel, while August Brent crude, the global benchmark, was last seen up $2.19 at $81.81 over expectations that higher summer demand will winnow inventories after OPEC+ earlier this month extended 2.2 million barrels per day of voluntary production cuts to the end of September.

* Southwest Airlines ( LUV ) shares jumped 7.4% after Elliot Investment Management confirmed its roughly $1.9 billion stake in the low-cost carrier. The activist investor called for new leadership at the company, alongside a broad review of the business.

* Huntington Bancshares ( HBAN ) was down 6% after the company said it now expects 2024 net interest income to fall 1% to 4% from a year earlier, down from its prior range of 2% fall to 2% growth.