Stock market today: Rising Big Tech stocks help Wall Street claw back half its loss from last week

NEW YORK — A rally for Big Tech stocks on Monday helped Wall Street claw back about half its loss from last week.

The S&P 500 rose 29.97, or 0.7%, to 4,487.46, coming off its first losing week in the last three.

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Traders work on the floor June 14 at the New York Stock Exchange.

The Dow Jones Industrial Average gained 87.13 points, or 0.3%, to 34,663.72, and the Nasdaq composite climbed 156.37, or 1.1%, to 13,917.89.

Like last week, some big technology-oriented stocks led the way. Tesla jumped 10.1%, Amazon climbed 3.5% and Meta Platforms rose 3.2%.

Tech stocks were at the head of the line leading the market lower last week as yields climbed. Higher yields hurt all kinds of stocks, but high-growth stocks tend to be among the hardest hit. Yields rose last week after reports showed the U.S. economy remains stronger than expected, which could be adding more fuel to pressures keeping inflation high.

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This upcoming week will offer a huge data point for the Federal Reserve, which is weighing whether to keep raising interest rates in its effort to get inflation back to 2%. On Wednesday, the U.S. government will offer the latest monthly update on prices consumers are paying across the economy, and the forecast is they were 3.6% higher in August than a year earlier.

The Fed has already hiked its main interest rate to the highest level in more than two decades, and it has said it will make upcoming moves based on how inflation and other parts of the economy perform. Inflation has come down from last year’s peak above 9%, but economists warn the last bit of improvement to get to the Fed’s target could be the most difficult to achieve.

With Fed officials no longer giving speeches ahead of their meeting next week on interest rates, “the data will do all of the talking this week,” economists at Deutsche Bank said in a report.

Those economists say a report on Thursday about inflation at the wholesale level will be nearly as important as the data on inflation at the consumer level. High growth for wages in the health care industry could be pushing upward on inflation there, they say.

A separate report Thursday will also show how much U.S. households spent at retailers last month. Strong spending there recently has helped the economy avoid a long-predicted recession. But it also could encourage companies to keep trying to raise prices, pushing upward on inflation.

Yields held relatively steady on Monday, with the 10-year Treasury yield up to 4.28% from 4.26% late Friday. The two-year Treasury yield rose to 5.00% after drifting through the day, up slightly from 4.99% late Friday.

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