Market Snapshot: Dow scores third day of gains ahead of coming inflation, retail-sales data

by | Sep 11, 2023 | Stock Market

U.S. stock indexes finished higher on Monday, boosted by producers of luxury items and services including Tesla, as investors await inflation and retail-sales data later this week that should help guide the Federal Reserve’s interest-rate policy.How stock indexes are trading
The Dow Jones Industrial Average
advanced 87.13 points, or 0.3% to 34,663.72.

The S&P 500
rose 29.97 points, or 0.7%, to 4,487.46.

The Nasdaq Composite
climbed 156.37 points, or 1.1%, to 13,917.89

S&P 500, Nasdaq both book biggest daily percentage gains since August 29, according to Dow Jones Market Data.

All three major stock indexes had lost ground last week with Dow industrials off almost 0.8%, while the S&P 500 shed 1.3% and the Nasdaq Composite dropped 1.9%, according to Dow Jones Market Data.

What drove markets U.S. stock indexes ended higher on Monday — with consumer-discretionary, communication-services and several technology names leading the broader market higher — as traders braced for a busy week of economic data releases. Tesla shares
closed up by 10.1% after Morgan Stanley upgraded the electric-vehicle giant’s stock to overweight from equal weight, while raising the price target to a Wall Street high of $400 per share from $250, basing most of that newfound optimism on Tesla’s new machine-learning supercomputer, Dojo. Don’t miss: When will consumers stop buying more stuff? It’s a key question for the stock market in the week ahead. Still, the stock market has a handful of near-term events that will help determine whether a rebound is justified. The August U.S. consumer-price index will be published Wednesday morning, while producer-prices and retail-sales reports for the same month are due on Thursday — all of which are likely to factor into the thinking of Federal Reserve policy makers as they consider whether to eventually adjust interest rates at their policy meeting next week. The headline consumer-price index is forecast to accelerate to 0.6% in August from July’s 0.2% gain, while the core measure that strips out volatile food and fuel costs is expected to rise a mild 0.2% from a month earlier, according to a survey of economists by The Wall Street Journal.  “The equity market has been really strong the first seven months of …

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