Breaking News
Get 40% Off 0
Is NVDA a 🟢 buy or 🔴 sell? Unlock Now

Wall Street ends higher on economic data; Arm soars in debut

Published Sep 14, 2023 06:13AM ET Updated Sep 14, 2023 06:40PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. REUTERS/Brendan McDermid/File photo
 
1YMH24
+0.07%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
NQH24
-0.48%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
ESH24
-0.06%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Noel Randewich and Ankika Biswas

(Reuters) -The S&P 500 ended higher on Thursday as hotter-than-expected economic data eased worries about a recession without raising fears of a Federal Reserve rate hike next week, while Arm Holdings soared in its stock market debut.

SoftBank (TYO:9984)'s Arm was valued at nearly $60 billion in a strong Nasdaq debut, with the chip designer's shares soaring nearly 25% in their first day of trading.

Retail sales rose more than expected in August on higher gasoline prices, while initial claims for state unemployment benefits climbed to a seasonally adjusted 220,000 for the week ended Sept. 9 from 217,000 the week before.

Monthly producer prices for final demand rose 0.7% last month, against expectations of a 0.4% increase. On an annual basis, they increased 1.6% compared with estimates of a 1.2% rise.

"Today's economic data confirms the path toward a soft landing, but without being so hot that the Fed thinks they might need to do a couple more rate hikes," said Ross Mayfield, Investment Strategy Analyst at Baird. "All together, it's pretty bullish."

Chip designer Arm's American Depositary Shares opened at $56.1 apiece compared with the initial public offering price of $51, in a sign of confidence for other companies planning to list their shares.

"The game is back on. Capital markets are open for business," said Thomas Hayes, chairman at Great Hill Capital LLC. "You're going to see so many IPOs in the next 12 weeks your head is going to spin."

Traders see a 97% chance of the Federal Reserve holding rates steady in its Sept. 20 policy meeting and a near 67% likelihood of a further pause in November, according to the CME FedWatch Tool.

Citigroup (NYSE:C) expects the Fed to hike interest rates by 25 basis points in November, compared with its previous forecast of a September hike.

The S&P 500 climbed 0.84% to end the session at 4,505.17 points.

The Nasdaq gained 0.81% to 13,926.05 points, while the Dow Jones Industrial Average rose 0.96% to 34,907.51 points. It was the Dow's biggest daily percentage gain since Aug. 7.

Volume on U.S. exchanges was 10.0 billion shares traded, compared to an average of 9.9 billion shares over the previous 20 sessions.

HP (NYSE:HPQ) fell 1.8% after Warren Buffett's Berkshire Hathaway (NYSE:BRKa) sold about 5.5 million shares of the company.

Visa (NYSE:V) slipped over 2% after the payment processing giant said it was engaging with Class B shareholders on a proposal to convert their shares to Class C or Class A.

Moderna (NASDAQ:MRNA) rose 3.9% after a European regulator's advisory panel recommended authorizing an updated COVID-19 vaccine from the company.

With Thursday's rally, the S&P 500 is up about 17% so far in 2023, and the Nasdaq is up about 33% over the same period.

Advancing issues outnumbered falling ones within the S&P 500 by a 6.5-to-one ratio.

The S&P 500 posted 12 new highs and 5 new lows; the Nasdaq recorded 37 new highs and 169 new lows.

Wall Street ends higher on economic data; Arm soars in debut
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (9)
donald terry
donald terry Sep 14, 2023 7:00PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Blackrock and Brethren crush shorts make money...next day..same thing..no economic news needed..
Prakash Raja
Prakash Raja Sep 14, 2023 3:13PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Elliott Wave clearly suggested 3700 to 4600 then a fall (4250 might happen too) and 4300 to 4800 and then another correction and finally last leg of rally towards 5000 +. i have recorded this input right from banking crisis of March and even before during Jan and Feb when SP was around 3700 (under comments section).
nike Bigdik
nike Bigdik Sep 14, 2023 3:13PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
so we're all gonna be rich?
Gabe Domen
Gabe Domen Sep 14, 2023 1:07PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
BlaBlaBla. Market is going up. That's all. You got, good. You missed, bad. The rest on analysis on Fed, rates... is useless. Happy trading. 🍻
JaneJohn Doe
JaneJohn Doe Sep 14, 2023 10:41AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Once the Fed officially announces they are done hiking, the market will sell the news and drop like a rock.
Sep 14, 2023 9:53AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Too much hopium is not good for health
Stephen Fa
Stephen Fa Sep 14, 2023 9:35AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Another Fed pivot hopium fueled rally.
MarketRoller CoasterRider
MarketRoller CoasterRider Sep 14, 2023 9:32AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The Fed has already on numerous occasions stressed that they go by Core inflation because that is something they can control so the numbers according to the fed are good with respect to Fed interest rate increases.
Weeping Angel
Weeping Angel Sep 14, 2023 9:32AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yes with respect to rate increases but what about the inverted yield curve? Again today, DXY breaks new local highs and the stock market along with it. It’s just a fraud
Stephen Fa
Stephen Fa Sep 14, 2023 9:32AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Fed uses PCE more than PCI. bs
MarketRoller CoasterRider
MarketRoller CoasterRider Sep 14, 2023 9:32AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Weeping Angel  Its what I would expect with our current conditions. We have high interest rates currently to bring down inflation but the expectation is that it will come down and so interest rates in the future will be lower hence longer term rates will not be as high.
Weeping Angel
Weeping Angel Sep 14, 2023 9:32AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
So if and when a recession does come, if interest rates are already lower the FED will have no wiggle room. Doesn’t seem like good fiscal policy to lower rates if the economy is doing as well as the indices suggest
Prakash Kumar
Prakash Kumar Sep 14, 2023 9:13AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
big game government
Dennis Palcher
Dennis Palcher Sep 14, 2023 7:51AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Same game every month
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email