The S&P 500 rose slightly to a new record high on Monday as investors geared up for one of the busiest weeks of the first-quarter earnings season.

The broad equity benchmark inched 0.2% higher to a closing record of 4,187.62.  

The decline in consumer companies came amid surging commodity prices, which fueled fears of inflation. Corn futures hit their highest level in more than seven years in volatile trading, while copper climbed to its highest level in nearly a decade. Commodities are a big portion of costs for consumer staples.

About a third of the S&P 500 this week is set to update investors on how their businesses fared during the three months ended March 31. Some of the largest tech companies in the world are scheduled to report results this week, including Apple, Microsoft, Amazon and Alphabet.

The S&P 500 ended the volatile week down 0.13% and snapped a four-week win streak. The Dow and the Nasdaq fell 0.5% and 0.3% last week, respectively.

Plan A : Long if market retraced but supported firm above 4172. Targets are 4188, 4203 and 4220.

Plan B : Short if market failed to support firm above 4172. Targets are 4147, 4122 and 4090.

Stock futures held steady in overnight trading on Monday as investors braced for another batch of corporate earnings.

The Nasdaq Composite climbed 0.9% to 14,138.78, hitting its first fresh record close since Feb. 12.

The first-quarter earnings season kicks into high gear on Tuesday with key companies such as Alphabet, Microsoft, Starbucks and AMD reporting after the bell.

The Federal Reserve kicks off its two-day policy meeting on Tuesday. The central bank is not expected to take any action, but economists expect it to defend its policy to let inflation run hot.

Plan A : Long if market retraced but supported firm above 13939. Targets are 13970, 14001 and 14033.

Plan B : Short if market failed to support above 13939. Targets are 13890, 13857 and 13821.