A rally for Big Tech stocks on Monday helped Wall Street claw back about half its loss from last week. The S&P 500 rose 29.97, or 0.7%, to 4,487.46, coming off its first losing week in the last three. The Dow Jones Industrial Average gained 87.13 points, or 0.3%, to 34,663.72, and the Nasdaq composite climbed 156.37, or 1.1%, to 13,917.89. Tesla jumped 10.1%, Amazon climbed 3.5%, and Meta Platforms rose 3.2%. Tech stocks were at the head of the line leading the market lower last week as Treasury yields climbed. Yields rose last week after reports showed the US economy remains stronger than expected, which could be adding more fuel to pressures keeping inflation high. They held relatively steady on Monday.
This upcoming week will offer a huge data point for the Federal Reserve, which is weighing whether to keep raising interest rates in its effort to get inflation back to 2%. On Wednesday, the US government will offer the latest monthly update on prices consumers are paying across the economy, and the forecast is they were 3.6% higher in August than a year earlier, the AP reports. Economists at Deutsche Bank say a report on Thursday about inflation at the wholesale level will be nearly as important as the data on inflation at the consumer level. High growth for wages in the health care industry could be pushing upward on inflation there, they say. A separate report on Thursday will also show how much US households spent at retailers last month.
On Wall Street, Charter Communications rose 3.2% after it announced a deal with the Walt Disney Co. to restore access to ESPN and other channels to its Spectrum video customers. Disney rose 1.2%. Apple rose 0.7% ahead of a Tuesday event where it's expected to release its latest iPhone model. Aerospace company RTX slumped 7.9% after it said a previously announced issue with its Pratt & Whitney aircraft engines could mean a hit of $3 billion to $3.5 billion over the next several years to its operating profit before taxes. Hostess Brands jumped 19.1% after JM Smucker said it will buy the maker of Twinkies and HoHos in a cash-and-stock deal valued at $5.6 billion.
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