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©Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US, September 11, 2023. REUTERS/Brendan McDermid/File Photo
By Lewis Krauskopf, Ankika Biswas and Shashwat Chauhan
(Reuters) – Wall Street’s major indexes posted gains on Monday, with shares of Amazon.com (NASDAQ:) and the energy sector rising, while Treasury yields continued to rise and investors looked to economic data and comments from policy makers. the Federal Reserve later in the week for clarity on the path forward for interest rates.
Investors are grappling with the rise in Treasury yields to a 16-year high after the Fed issued an aggressive longer-term outlook. The price recovered on Monday after last week and had the biggest weekly drop since March.
There is a “tug of war between investors seemingly increasingly concerned about ‘higher for longer’… and bulls wondering if perhaps we have seen the correction and can we start building from these levels,” said Chuck Carlson, CEO . at Horizon Investment Services.
They rose by 43.04 points, or 0.13%, to 34,006.88; the S&P 500 gained 17.38 points, or 0.40%, to 4,337.44; and added 59.51 points, or 0.45%, to 13,271.32.
Among S&P 500 sectors, energy led the way, up 1.3%, while materials rose 0.8%. Defensive sectors lagged behind, with the consumer staples group down 0.4%.
As the end of the third quarter approaches, investors say market movements will remain relatively subdued until companies report quarterly results in the coming weeks.
The S&P 500 is down about 5.5% since late July, but remains up about 13% for 2023.
“There is less urgency to aggressively buy pullbacks in a longer-lasting world and that is what the market will face in the coming months,” said Angelo Kourkafas, senior investment strategist at Edward Jones.
Investors will be watching data on durable goods and the August personal consumption expenditures price index and second-quarter gross domestic product throughout the week, as well as comments from Fed policymakers including Chairman Jerome Powell.
Chicago Fed President Austan Goolsbee said in an interview with CNBC on Monday that keeping inflation above the Fed’s 2% target remains a bigger risk than a tight central bank policy that slows the economy more than necessary.
According to company news, shares of Amazon.com rose 1.7% after the e-commerce giant said it will invest up to $4 billion in startup Anthropic to compete with growing cloud rivals in artificial intelligence.
On the NYSE, decliners outnumbered advancers by a ratio of 1.2 to 1. There were 52 new highs and 341 new lows on the NYSE.
On the Nasdaq, decliners outpaced advancers by a ratio of 1.1 to 1. The Nasdaq recorded 45 new highs and 426 new lows.
About 9.1 billion shares changed hands on U.S. exchanges, compared with the daily average of 10 billion over the past 20 sessions.