US benchmark equity indexes were on track to close higher Monday to kick the week off on a positive note as the Federal Open Market Committee's interest-rate decision is set for Wednesday.

The Dow Jones Industrial Average jumped 1.1% to 41,943.4, while the Nasdaq Composite increased 0.7% to 17,887.6. The S&P 500 was up 1% to 5,693.7. All sectors except consumer discretionary posted gains.

Intel (INTC) shares were up 7%, the second-best performer on the S&P 500. The company's incoming chief executive, Lip-Bu Tan, is planning significant changes to the company's chip manufacturing and artificial intelligence strategies as part of turnaround efforts, Reuters reported, citing unnamed sources.

Blackstone's (BX) shares were up 5.7%. UBS Securities upgraded its rating to buy from neutral with a price target of $180.

Tesla (TSLA) saw the third-steepest decline on the S&P 500, down 4.9%. The electric vehicle maker is offering a free trial of its Full Self-Driving service in China, Reuters reported, citing the company's Chinese website.

The 10-year US Treasury yield lost 0.2 basis points to 4.3%, while the two-year rate was up 3.5 basis points to 4.06%.

May West Texas Intermediate crude oil was up 0.6% at $67.31 a barrel.