US Stocks Rise Ahead of Inflation Data
Wall Street kicked off the week with gains on Monday as investors positioned ahead of a data-heavy week that includes two key inflation reports likely to influence Federal Reserve policy expectations.
The S&P 500 rose 0.2%, the Nasdaq 100 gained nearly 0.5% to approach its August record high on strength in chipmakers, and the Dow Jones advanced 114 points. Last week’s weak August jobs report, coupled with softer labor market data, has fueled hopes the Fed will cut rates at its September meeting, with traders increasingly pricing in the possibility of a larger 50 bps reduction.
This week, investors will be watching PPI and CPI for fresh signals on the economy’s direction. Tech names led the market, with Amazon (+1.4%), Broadcom (+3.1%), Nvidia (+0.7%), and Oracle (+2.5%) advancing. Robinhood Markets (+15.7%) and AppLovin (+11.6%) surged after being added to the S&P 500 effective September 22. Meanwhile, Apple slipped 0.7% and T-Mobile sank 3.9%.
Source: Trading Economics
