PacWest PACW.O added 7.9% after private-equity firm Ares Management ARES.N said it had acquired a $3.5 billion specialty finance loan portfolio from the lender. "The way investors buy or sell right now is going to be relative to the assumption that they're going to get a rate hike at the end of the next month," said Randy Frederick, vice president of trading and derivatives for Charles Schwab. Market participants are awaiting a slew of economic data including a key inflation gauge, durable goods and University of Michigan's consumer sentiment index, and cues from Powell's speech later this week.