Wall Street ends higher as investors await US inflation, jobs data
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[August 29, 2023] By
Shristi Achar A and Noel Randewich
(Reuters) - Wall Street ended higher on Monday, with gains in 3M and
Goldman Sachs ahead of key inflation and jobs data this week that will
offer more clues on the Federal Reserve's interest rate path.
All three major stock indexes rose as investors digested last Friday's
comments from Fed Chair Jerome Powell that the U.S. central bank may
need to raise interest rates further to ensure inflation is contained.
Focus now shifts to a report on the personal consumption expenditures
price index, the Fed's preferred inflation gauge, to be released on
Thursday, and non-farm payrolls data due on Friday.
"The fact that Powell didn't come out and say anything particularly
hawkish or particularly unnerving to markets - that has proven to make
this a bit of a risk-on day, even if he wasn't outright dovish either,"
said Ross Mayfield, Investment Strategy Analyst at Baird.
Nvidia rose 1.78% and was the most traded stock in the S&P 500, with $31
billion worth of the chipmaker's shares exchanged.
Other megacaps also gained, with Apple and Alphabet both adding 0.9%.
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3M jumped 5.2% after a report that the conglomerate has tentatively
agreed to pay more than $5.5 billion to resolve over 300,000 lawsuits
claiming it sold the U.S. military defective combat earplugs.
Goldman Sachs gained 1.8% after the lender struck a deal to sell an
investment advisory business to wealth management firm Creative Planning
LLC.
The S&P 500 climbed 0.63% to end the session at 4,433.31 points.
The Nasdaq gained 0.84% to 13,705.13 points, while Dow Jones Industrial
Average rose 0.62% to 34,559.98 points.
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People are seen on Wall Street outside
the New York Stock Exchange (NYSE) in New York City, U.S., March 19,
2021. REUTERS/Brendan McDermid/File Photo
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U.S.-listed shares of Chinese companies including JD.com, Baidu and
Alibaba rallied over 2% after China halved the stamp duty on stock
trading effective Monday to boost its ailing market.
U.S. Commerce Secretary Gina Raimondo discussed concerns about
restrictions on American businesses including Intel and Micron with
Chinese Commerce Minister Wang Wentao. Micron's stock rose 2.5% and
Intel added 1.1%.
The U.S. Federal Trade Commission suspended its challenge of Amgen's
$27.8 billion purchase of Horizon Therapeutics. Horizon's shares
5.2%.
Advancing issues outnumbered falling ones within the S&P 500 by a
5.5-to-one ratio.
The S&P 500 posted 10 new highs and 2 new lows; the Nasdaq recorded
54 new highs and 162 new lows.
Volume on U.S. exchanges was relatively light, with 8.1 billion
shares traded, compared to an average of 10.8 billion shares over
the previous 20 sessions.
(Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru, and
by Noel Randewich in Oakland, Calif.; Editing by Shounak Dasgupta
and David Gregorio)
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