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    Wall Street Rebounds as Nvidia, Seagen, Li Auto See Gains


    On Monday, U.S. stocks rallied as Wall Street looks to rebound from the worst week of the year as investors contemplate economic and earnings data.[0] The Dow Jones Industrial Average gained 0.3%, or 108 points, and the S&P 500 added 0.5% to 4,012.[1] The tech-heavy Nasdaq Composite outperformed, tacking on 0.7% to 11,590.[2]

    Nvidia Corp. (NVDA) was the standout stock today, up 14.0% after reporting quarterly earnings that beat expectations.[2] The chipmaker’s strong performance boosted AI, semiconductor and other tech exchange-traded funds.

    Data on Friday showed the core PCE Price Index, the Fed’s preferred gauge of inflation, stood at+0.6% m/m and +4.7% y/y in January, stronger than expectations of +0.4% m/m and +4.3% y/y, adding to worries that the Fed may have to keep rates higher for longer to tame inflation.[3] Furthermore, U.S. personal spending rose by the most in nearly one and three-quarters years, increasing by 1.8% month-over-month in January, surpassing the anticipated growth of 1.3% month-over-month.[4] The University of Michigan's consumer sentiment index increased to a 13-month peak of 67.0 in February.[4]

    Shares of Seagen Inc. (SGEN) soared on Monday morning, following a report from The Wall Street Journal that Pfizer (PFE) is in preliminary discussions to acquire the cancer drugmaker, potentially in a multi-billion dollar transaction. Shares of Seagen Inc (SGEN) surged by over 12% in pre-market trading following the Wall Street Journal's report that Pfizer Inc (PFE) is in the initial stages of negotiations to buy the biotech. Pre-market trading saw Li Auto Inc (LI) skyrocket by around 5% after releasing their Q4 results which exceeded expectations, as well as providing an outlook for Q1.[4]

    The Census Bureau reported that new orders for manufactured durable goods fell to 4.5% in January, the largest decrease since April 2020.[5] Economists had predicted a decrease of 4.0%, but the actual drop was greater.[6] The National Association of Realtors' pending home sales index jumped 8.[7]

    0. “US Open: Stocks rise after last week's selloff”, 27 Feb. 2023,

    1. “Stock market today: Dow fights back to close higher as Nvidia shines By”, 23 Feb. 2023,

    2. “Stock Market Today: Nasdaq Outperforms as Nvidia Outlook Impresses” Kiplinger's Personal Finance, 23 Feb. 2023,

    3. “Dow Jones Futures Fall: Nasdaq Rallies On Nvidia, But PCE Inflation Report Looms | Investor's Business Daily” Investor's Business Daily, 24 Feb. 2023,

    4. “Stocks Set To Open Higher After Worst Week Of The Year, Retail Earnings In Focus” Barchart, 27 Feb. 2023,

    5. “Nasdaq, S&P 500 Futures Rebound In New Trading Week But Rising Bond Yields Remain A Risk – Invesco QQQ Tr” Benzinga, 24 Feb. 2023,

    6. “Stock market news today: Stock futures rise ahead of retail earnings, more data” Yahoo News, 27 Feb. 2023,

    7. “Dow Jones Rallies 300 Points After Economic Data; Tesla Stock Surges On Production Ramp” Investor's Business Daily, 27 Feb. 2023,

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