US stocks rose, focusing on inflation data and the Federal Reserve’s interest rate decision

US stocks rose, focusing on inflation data and the Federal Reserve’s interest rate decision

(Reuters) – Wall Street’s main indexes rose on expectations of inflation data and the Federal Reserve’s interest rate decision this week, with Oracle Corp hitting an all-time high ahead of subsequent quarterly results.

The CPI reading released by the US Labor Department on the first day of the Fed meeting tomorrow should show a slight drop in inflation in May, but core prices are likely to remain elevated.

At around 4:20 pm, the Dow Jones Industrial Average rose 57.34 points, or 0.177%, to 33,934.12 points, the S&P 500 rose 8.35 points, or 0.19%, to 4,307.21, and the Nasdaq Composite advanced 52.08 points, or 0.39%. , to 13,311.22.

Oracle climbed 4.5% to an all-time high after JP Morgan raised its price target to $109, before releasing fourth-quarter results.

The Nasdaq fell 10% after the trader announced that it would acquire the software company owned by Thoma Bravo Adenza for $10.5 billion.

Shares of Biogen rose 1.6% after a panel of US Food and Drug Administration advisors unanimously backed the Alzheimer’s drug, Leqembi, boosting hopes that there was no major new input in drug safety warnings in the treatment approval process.

Adobe rose 2.3% after Jefferies revised its price target for the Photoshop maker to $530, the second highest on Wall Street.

(Translated by Chiara Scarcella, Editing by Andrea Mandala)

See also  Sanchez expects "several meetings" with a photo with Puigdemont and Junqueras

Leave a Reply

Your email address will not be published. Required fields are marked *