Wall Street gains fourth straight day ahead of CPI report

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  • Headline CPI eased on Tuesday
  • Bristol Myers erupts over FDA approval for psoriasis drug
  • Twitter says latest attempt to scrap Musk’s deal is invalid
  • Index up: Dow 0.71%, S&P 1.06%, Nasdaq 1.27%

NEW YORK, Sept. 12 (Reuters) – Wall Street extended its winning streak on Monday, rallying sharply higher as investors awaited key inflation data about the duration and severity of the Federal Reserve’s tough policy. could provide clues.

energy (.spny) and Technology (.splrct) Shares helped three major US stock indexes touch two-week highs and touched their fourth straight session of gains. (.igx) Stocks were preferred slightly higher than the price (.ivx),

The Labor Department’s consumer price index (CPI), which is expected before Tuesday’s opening bell, is the main event this week, and is scrutinizing it for any indications from the Fed about the number and size of future interest rate hikes. Will.

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“Expect to see a slight decrease in CPI,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “Markets are expecting the news to translate into smaller rate hikes after the September FOMC meeting.”

“Because of that, you’re seeing a riskier mindset today,” Pavlik said.

On Thursday, Fed Chair Jerome Powell confirmed that the central bank remains “strongly committed” to tackling high inflation for decades, and that it will “maintain it until the job is done.” read more

Economists polled by Reuters expect the monthly CPI to contract 0.1% in July to August, down 8.1% year-on-year, largely due to the recent slump in commodity prices. read more

Financial markets are currently priced in a 92% probability that the Federal Open Market Committee (FOMC) will implement its third straight 75-basis-point interest rate hike at the conclusion of next week’s policy meeting, according to the CME’s FedWatch tool. .

“The market has now fully priced 75 basis points for September,” Pavlik said. “The market is expecting the next 50 basis points and after that we will see a slight reduction in rates, and Wall Street can live with that.”

Dow Jones Industrial Average (.dji) S&P 500, up 229.63 points, or 0.71%, at 32,381.34 (.spx) And the Nasdaq Composite rose 43.05 points, or 1.06%, to 4,110.41 (.IXIC) Added 154.10 points, or 1.27%, to 12,266.41.

All 11 major sectors of the S&P 500 closed in the green. energy companies (.spny)Gained the largest percentage gain, boosted by rising crude oil prices.

economically sensitive transport (.djt) Outperformed the broader market, while market-leading megacaps provided the most lift.

Apple Inc. up 3.9% in (AAPL.O) Shares gave the S&P 500 and NASDAQ their biggest boost just days after the gadget maker unveiled updates to its iPhone and Apple Watch. read more

Drugmaker Bristol-Myers Squibbo (bmy.n) That rose by 3.1% after the Food and Drug Administration’s approval of its psoriasis drug late Friday.

Rival Amgen Inc. (AMGN.O)The maker of psoriasis drug Otezla slipped 4.1%.

Twitter Inc ends session down 1.8% amid legal wrangling against Tesla Inc. (TSLA.o) Elon Musk heads for scrapping a deal to acquire the social media platform. read more

Car selling platform Carvana Co (cvna.n) Piper Sandler’s stock soared 15.5% more after upgrading to “overweight.”

Advancing issues declining to a 3.37-to-1 ratio on the NYSE; On the Nasdaq, a 1.78-to-1 ratio favored advances.

The S&P 500 posted 11 new 52-week highs and no new lows; The Nasdaq Composite posted 47 new highs and 59 new lows.

Volume on US exchanges stood at 9.63 billion shares, compared to an average of 10.22 billion over the past 20 trading days.

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Reporting by Stephen Culp in New York; Additional reporting by Sinead Carew; Editing by Matthew Lewis and Cynthia Osterman

Our Standards: Thomson Reuters Trust Principals.

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