Wall Street benchmarks climbed on Monday (Tuesday AEST), with the Nasdaq Composite closing at record highs as investors positioned for a data-heavy week centred on inflation readings.
The Dow Jones Industrial Average gained 114.1 points, or 0.3%, to 45,515.0. The S&P 500 advanced 13.7 points, or 0.2%, to 6,495.2, while the tech-heavy Nasdaq rose 98.3 points, or 0.5%, to 21,798.7.
Technology stocks led the move higher. Broadcom added 3%, Nvidia advanced 1%, Amazon climbed 1.5% and Microsoft gained 0.7%.
Attention now turns to August’s producer price index and consumer price index, due later in the week, which are expected to offer further insight into the strength of the United States economy.
The data follows a weaker-than-expected August jobs report released Friday, which bolstered expectations that the Federal Reserve will cut interest rates at its upcoming policy meeting.
Market pricing has also factored in a 10.6% possibility of a larger half-point reduction, according to the CME Group FedWatch Tool.
On the bond markets, yields eased, with the 10-year down 0.8% to 4.042% and the 2-year lower by 0.5% to 3.49%.
