US STOCKS-Wall Street gains as investors eye upcoming economic data

Horizon Therapeutics

28/08/2023 19:28

(For a Reuters live blog on U.S., UK and European stock
markets, click  LIVE/  or type LIVE/ in a news window)

        * 
      China ADRs rise on measures to boost markets
    

        * 
      3M rises on report of potential settlement of lawsuits
    

        * 
      Indexes: S&P 500 +0.26%, Nasdaq +0.42%, Dow +0.35%
    

  
 (Updated at 2:18 p.m. ET/ 1818 GMT)
    By Shristi  Achar A and Noel Randewich
       Aug 28 (Reuters) - Wall Street rose 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.
  
        Megacap stocks were mixed, with Nvidia  NVDA.O  and Meta
Platforms  META.O  rising about 1% each and Tesla  TSLA.O  and
Amazon  AMZN.O  dropping almost 1% each. 
    3M  MMM.N  jumped 5% 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  GS.N  gained 1.4% after the lender struck a
deal to sell an investment advisory business to wealth
management firm Creative Planning LLC.
        Of 11 S&P 500 sector indexes, eight rose, led by real
estate  .SPLRCR , up 0.79%, followed by a 0.52% gain in
communication services  .SPLRCL .
  
        The S&P 500 was up 0.26% at 4,417.33 points.
  
        The Nasdaq gained 0.42% to 13,648.23 points, while Dow
Jones Industrial Average rose 0.35% to 34,468.19 points.
  
    China halved the stamp duty on stock trading effective
Monday to boost its ailing market, sending U.S.-listed shares of
Chinese companies, including JD.com  JD.O , Baidu  BIDU.O  and
Alibaba  BABA.N  up between 1.4% and 2.7%.
        U.S. Commerce Secretary Gina Raimondo discussed concerns
about restrictions on American businesses including Intel
 INTC.O  and Micron  MU.O  with Chinese Commerce Minister Wang
Wentao. Micron's shares gained 2% while and Intel's rose 0.5%.
    The U.S. Federal Trade Commission suspended its challenge of
Amgen's  AMGN.O  $27.8 billion purchase of Horizon Therapeutics
 HZNP.O . Horizon's shares rose 5.5%.
        Advancing issues outnumbered falling ones within the S&P
500  .AD.SPX  by a 2.3-to-one ratio.
  
        The S&P 500 posted 8 new highs and 1 new low; the Nasdaq
recorded 49 new highs and 133 new lows.
  

 (Reporting by Shristi Achar A and Amruta Khandekar in
Bengaluru, and by Noel Randewich in Oakland, Calif.; Editing by
Shounak Dasgupta and David Gregorio)
 ((noel.randewich@tr.com))