Last week, the major averages closed near sessions lows, with the S&P 500 having five straight losing days for the first time since February. News that the U.S. is considering an investigation into Chinese subsidies adding to the nervous tone for the week and inflationary pressures and the Federal Reserve’s plan to pull back on bond purchases later pushed the anxiety higher. Oil futures gained for the week after U.S. President Biden and Chinese President Xi Jinping talked to reduce hostilities ahead of a key OPEC report this week.

The stock market looks to rebound from the tough week. Futures are up today, but a growing number of Wall Street strategists warn that more market drops could be ahead.

Investors will get a test this week when the consumer report index report arrives on September 15 to give a take on inflation trends in August. The economic calendar also includes updates on manufacturing, jobless claims and consumer sentiment. Apple hosts a streaming event with all eyes on what new products are on the way.

Treasury Secretary Yellen appealed to Congress last week to raise the government's borrowing limit, noting that lawmakers recently have addressed the subject with broad bipartisan support. She estimates the Treasury's piggy bank could run out of cash in October, and the administration is worried about a possible debt default. Since Aug. 1, when the debt limit was reinstated, the Treasury started using extraordinary measures to finance the government on a temporary basis. Such measures include suspending investments in the Civil Service Retirement and Disability Fund, the Postal Service Retiree Health Benefits Fund, and the Government Securities Investment Fund of the Federal Employees' Retirement System Thrift Savings Plan.