The S&P 500 increased on Monday as the industrial sector, led by 3M, and the IT sector continued to rise. This was done in anticipation of a flurry of data this week that will affect the Federal Reserve's policy decision next month. The Dow Jones Industrial Average dropped 163 points while the Nasdaq gained 0.7%. …
The S&P 500 increased on Monday as the industrial sector, led by 3M, and the IT sector continued to rise. This was done in anticipation of a flurry of data this week that will affect the Federal Reserve’s policy decision next month. The Dow Jones Industrial Average dropped 163 points while the Nasdaq gained 0.7%. The S&P 500 increased by 0.5%. As it nears a more than $5.5 billion settlement to resolve more than 300 lawsuits alleging that the business sold the U.S. military faulty earplugs, 3M business (NYSE:MMM) saw a 5% increase, according to Bloomberg on Sunday, citing persons familiar with the arrangement. According to some financial analysts, the cases, if successful, would have cost the business roughly $10B. The settlement shields the company from a far bigger liability. Generac Holdings Inc. (NYSE:GNRC), meanwhile, increased industrials with a rise of more than 4% as the manufacturer of backup generators is anticipated to continue seeing strong demand due to inclement weather. By Wednesday, hurricane-force Idalia is anticipated to intensify and make landfall on Florida’s Gulf Coast.
Boston Scientific’s (NYSE: BSX) stock increased more than 5% after the company announced encouraging clinical trial outcomes for its pulsed field ablation technology, which is used to destroy heart tissue that causes irregular heartbeats to treat patients with atrial fibrillation. The clinical trial achieved its main objective by demonstrating that the company’s system wasn’t inferior to the available treatment choices, such as cryoablation or radiofrequency, in this case. The successful use of the company’s approach represents yet another “potential blockbuster product with exposure to a high growth market,” according to UBS. Pulsed field ablation can address the sizable and expanding atrial fibrillation market opportunity, it was claimed.
This week’s market direction will be heavily influenced by important economic data, particularly the July monthly jobs report and the most recent inflation data, which will be released on Thursday and Friday. The JOLTS job openings report on Tuesday, the Q2 GDP adjustment on Wednesday, core PCE on Thursday, and the employment and ISM reports on Friday are this week’s major economic data releases, according to a note from Goldman Sachs. The figures, which are expected to arrive in the wake of new indications that the Fed is likely to keep rates higher for longer, will probably influence the Fed’s monetary policy thinking prior to its meeting on September 19–20. Powell’s Friday comments were “relatively hawkish in nature as the Committee continues to grapple with higher-than-expected inflation amid a stronger-than-expected economy,” as was to be expected, according to a report from Stifel on Monday.
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