S&P 500 pops to new highs ahead of PCE
U.S. indexes end up; Dow out front, up ~0.62%
Materials lead S&P 500 sectors gainers; Energy weakest group
Dollar down; crude down ~3%; gold up; bitcoin up ~2%
U.S. 10-Year Treasury yield edges up to ~3.80%
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S&P 500 POPS TO NEW HIGHS AHEAD OF PCE
Wall Street's main indexes rose in choppy trading on Thursday after Micron's MU.O upbeat forecast rekindled the hype around artificial intelligence, and a soft jobless claims report soothed worries about the labor market.
Indeed, with Micron's tailwind, chip stocks posted strong gains across the board with the Philadelphia semiconductor index .SOX jumping ~3.5%.
Energy stocks .SPNY, however, were on the losing side, falling 2%, with NYMEX crude futures CLc1 sliding close to 3% at settlement on a report that Saudi Arabia, the world's top crude exporter, would give up its price target for the commodity in preparation for raising output.
Despite the day's choppy action, the S&P 500 index .SPX hit a fresh record intraday high, before managing to then score its 42nd record closing high this year.
The industrials .SPLRCI and materials .SPLRCM sectors also ended at record closing highs.
Meanwhile, markets await the highly anticipated release of August PCE data on Friday.
The headline month-over-month (MM) read is forecast to come in at 0.1% vs a 0.2% read last month. The year-over-year (YY) number is expected at 2.3% vs a 2.5% print last month.
On a core basis, the MM number is forecast to be 0.2% vs a 0.2% read last month. The YY core print is expected to be 2.7% vs a 2.6% print last month.
Here is a snapshot of where markets stood just shortly after 1600 EDT/2000 GMT:
(Terence Gabriel)
*****
FOR THURSDAY'S EARLIER LIVE MARKETS POSTS:
S&P 500 ON PACE FOR MONTHLY GAIN, TAKE THAT SEPTEMBER! - CLICK HERE
RECOVERY TIME FOR COMMERCIAL REAL ESTATE? - CLICK HERE
THURSDAY DATA JAMBOREE: JOBLESS CLAIMS, DURABLE GOODS, GDP, PENDING HOME SALES - CLICK HERE
NUCLEAR POWER COMPANIES GET JUMP-START ON CLEAN ENERGY DEMAND BETS - CLICK HERE
WALL STREET INDEXES RISE WITH CHIP BOOST - CLICK HERE
CRUDE FUTURES: NOT LOOKING SO WELL ON THE CHARTS - CLICK HERE
WHEN WILL CHINA UNLEASH ITS 'BIG BAZOOKA'? - CLICK HERE
LUXURY BENEFITING FROM CHINA STIMULUS, HEADWINDS REMAIN - CLICK HERE
UBS SEES ROOM FOR STRONGER NORWEGIAN CROWN - CLICK HERE
ECB OCTOBER CUT HANGS IN THE BALANCE - CLICK HERE
EUROPE'S CHINA-EXPOSED STOCKS TURBOCHARGED ON STIMULUS HOPES - CLICK HERE
CHINA GIVES MARKETS ANOTHER REASON TO CHEER - CLICK HERE
EUROPEAN FUTURES BOUNCE AS CHINA STIMULUS OPTIMISM PERSISTS - CLICK HERE
Wall Street indexes close higher https://tmsnrt.rs/3XFnvkM
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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