(Reuters) – The New York Stock Exchange opened higher on Monday as investors await inflation data and the Federal Reserve’s (Fed) interest rate decision later this week.
In early trading, the Dow Jones index gained 63.33 points, or 0.19%, to 33,940.11 points and the broader Standard & Poor’s 500 rose 0.30% to 4,311.68 points.
The Nasdaq Composite took 0.53%, or 70.01 points, to 13,329.15 points.
The Labor Department is due to release inflation data for May on Tuesday, which is expected to show price growth has slowed slightly, despite still-high core prices.
These data will be known on the eve of the Fed’s monetary policy decision. Most investors are expecting a status quo in June before a 25 basis point rise in July.
“The Fed continues to walk that very fine line between too much tightening that would push the economy into a recession and too little tightening that would keep inflation high,” said Melissa Brown, global head of applied research. at Qontigo.
Rate announcements from several major central banks, including the European Central Bank (ECB) and the Bank of Japan (BoJ) are also expected this week.
In stocks, drugmaker Biogen is up 2% after a panel of experts on Tuesday recommended that the US drug agency approve its treatment for Alzheimer’s disease.
The group of software and cloud computing Oracle, which is due to publish its fourth quarter results later Monday, gained 4.7%, supported in particular by the raising of its price target by JP Morgan.
Adobe progressed for its part by 2%, carried by the optimism of Jefferies, which set a price target of 530 dollars for the maker of Photoshop, the second highest on Wall Street.
Chinook Therapeutics gains 58% after Swiss drugmaker Novartis said on Monday it agreed to acquire it for up to $3.5 billion.
The stock market operator Nasdaq, which announced on Monday the acquisition of the financial software company Adenza from the private equity firm Thoma Bravo, however dropped 9.8%.
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(Written by Diana Mandiá, edited by Blandine Hénault)
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