US stock market gains driven by huge market capitalization pending macro data

US stock market gains driven by huge market capitalization pending macro data

(Reuters) – Wall Street’s major indices rose after falling Treasury yields gave a boost to huge growth stocks, ahead of key inflation and jobs data this week that will provide more guidance on the path of the Federal Reserve’s interest rates.

At approximately 4:30 pm, the Dow Jones Industrial Average rose 265.31 points, or 0.77%, to 34,612.21 points, the S&P 500 index rose 31.59 points, or 0.71%, to 4,437.02 points, and the Nasdaq Composite Index advanced 118.69 points, or 0.87%. to 4437.02 points. 13,711.60.

Shares of Apple, Microsoft, Alphabet and Tesla rose between 0.15% and 1.2%, while the 10-year US Treasury yield fell to 4.20%.

Focus now turns to personal consumption data, due on Thursday, and employment data, due on Friday.

China halved its stamp duty on stock trading starting today to boost its ailing economy, sending shares of US-listed Chinese companies up between 0.18% and 2.76%, including PDD HOLDINGS, JD.COM, BAIDU and ALIBABA. .

3M shares jumped 4.55% amid reports that the company has agreed to pay more than $5.5 billion to settle more than 300,000 lawsuits accusing the group of selling defective combat earplugs to the US military.

Shares of US-listed Chinese electric car maker XPENG rose 1.83% after the company said it would buy Didi’s assets in a deal worth up to $744 million.

The US Federal Trade Commission has suspended its opposition to AMGEN’s $27.8 billion purchase of Horizon Therapeutics. HORIZON is growing 5.6%.

(Translated by Camila Burri; Editing by Gianluca Semiraro)

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