Source: Sharecast
The Dow gained 0.7%, the S&P 500 rose 0.6% while the Nasdaq increased by 0.4%, with all three indices snapping a three-day losing streak after hitting record highs on Monday.
Markets were reversing losses recorded in the previous session after a barrage of better-than-expected data drove a third straight losing session, with signs of a resilient economy clouding the outlook for monetary policy.
Economic data on Friday, however, was less positive with consumer sentiment deteriorating and the Federal Reserve's preferred inflation gauge showing an acceleration in price pressures.
The headline personal consumption expenditures price index rose 0.3% on the month and 2.7% year-on-year, matching consensus expectations. Core PCE prices were up 0.2% month-on-month and 2.9% annually, also in line with forecasts.
Personal incomes and spending, on the other hand, rose by more than expected last month, according to the Department of Labor. In seasonally adjusted terms, personal incomes increased by 0.4% month-on-month in August, while spending rose by 0.6%. Economists had been expecting more modest gains of 0.3% and 0.5%, respectively.
Lastly, the University of Michigan's consumer sentiment index for September was revised to 55.1, down from a preliminary reading of 55.4 and August's print of 58.2 – hitting the lowest level since May.
Equities also faced fresh pressure from trade policy headlines, after Donald Trump said the US would impose a 100% tariff on "any branded or patented pharmaceutical product", unless the manufacturer builds production facilities domestically. He also announced a 25% levy on imported heavy trucks and a 30% tariff on upholstered furniture, both effective 1 October,
Market movers
Intel continued to rise on reports that it had spoken with tech giants including Apple and TSMC about investing in the company.
Truck maker Paccar, which is likely to benefit from Trump's truck import levy, was putting in decent gains, while US pharma groups Eli Lilly and Merck rose on the back of the pharma tariffs on overseas competitors' imports into the US. Furniture retailers RH and Williams-Sonoma fell on concerns the furniture tariff may hit demand.
InterContinental Hotels surged after JPMorgan Cazenove double upgraded the stock to ‘overweight’ from ‘underweight’ and hiked the price target following a period of underperformance this year.
Dow Jones - Risers
Intel Corp. (INTC) $35.49 4.40%
Boeing Co. (BA) $221.37 3.67%
Dow Chemical Co. (DOW) $22.97 3.45%
International Business Machines Corporation (CDI) (IBM) $285.80 1.55%
Travelers Company Inc. (TRV) $277.33 1.13%
Salesforce.Com Inc. (CRM) $243.58 1.09%
Johnson & Johnson (JNJ) $179.64 1.07%
Goldman Sachs Group Inc. (GS) $802.78 1.01%
Merck & Co. Inc. (MRK) $78.36 0.98%
JP Morgan Chase & Co. (JPM) $316.44 0.95%
Dow Jones - Fallers
Cisco Systems Inc. (CSCO) $67.21 -0.94%
Apple Inc. (AAPL) $255.40 -0.57%
Chevron Corp. (CVX) $159.84 -0.55%
Coca-Cola Co. (KO) $65.67 -0.48%
Unitedhealth Group Inc. (UNH) $344.42 -0.33%
3M Co. (MMM) $152.62 -0.27%
Nike Inc. (NKE) $69.10 -0.20%
S&P 500 - Risers
Electronic Arts Inc. (EA) $193.30 14.84%
Macerich Co (MAC) $17.88 6.65%
Dxc Technology Company (DXC) $14.05 5.84%
Macy's Inc. (M) $18.00 5.39%
PACCAR Inc. (PCAR) $100.50 5.16%
Take-Two Interactive Software Inc. (TTWO) $256.22 4.53%
Intel Corp. (INTC) $35.48 4.38%
Lamb Weston Holdings, Inc. (LW) $55.03 4.16%
Sealed Air Corp. (SEE) $34.60 3.90%
Under Armour Inc. Class A (UAA) $4.95 3.88%
S&P 500 - Fallers
Oracle Corp. (ORCL) $283.46 -2.70%
eBay Inc. (EBAY) $91.12 -2.14%
Carmax Inc. (KMX) $44.86 -1.62%
CH Robinson Worldwide Inc (CHRW) $131.81 -1.52%
HF Sinclair Corporation (DINO) $53.27 -1.37%
Gap Inc. (GAP) $21.90 -1.28%
Alaska Air Group Inc. (ALK) $50.69 -1.18%
Advanced Micro Devices Inc. (AMD) $159.48 -1.11%
Archer-Daniels-Midland Co. (ADM) $60.40 -1.10%
Seagate Technology Plc (STX) $217.45 -1.09%
Nasdaq 100 - Risers
Electronic Arts Inc. (EA) $193.30 14.84%
Qvc Group Inc Series A (QVCGA) $13.68 6.96%
PACCAR Inc. (PCAR) $100.50 5.16%
Take-Two Interactive Software Inc. (TTWO) $256.22 4.53%
Intel Corp. (INTC) $35.48 4.38%
Liberty Global plc Series C (LBTYK) $11.84 2.60%
Wynn Resorts Ltd. (WYNN) $128.96 2.48%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $552.35 2.39%
Idexx Laboratories Inc. (IDXX) $631.98 2.23%
Applied Materials Inc. (AMAT) $203.91 2.16%
Nasdaq 100 - Fallers
NetEase Inc. Ads (NTES) $147.58 -2.19%
eBay Inc. (EBAY) $91.12 -2.14%
JD.com, Inc. (JD) $34.49 -1.92%
Seagate Technology Plc (STX) $217.45 -1.09%
Mercadolibre Inc. (MELI) $2,466.60 -1.03%
Cisco Systems Inc. (CSCO) $67.21 -0.94%
Meta Platforms Inc. (META) $743.92 -0.67%
American Airlines Group (AAL) $11.31 -0.66%
Apple Inc. (AAPL) $255.41 -0.57%
Starbucks Corp. (SBUX) $83.39 -0.52%
