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

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    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” FOREX.com, 27 Feb. 2023, https://www.forex.com/en/market-analysis/latest-research/us-open-stocks-rise-after-last-weeks-selloff/

    1. “Stock market today: Dow fights back to close higher as Nvidia shines By Investing.com” Investing.com, 23 Feb. 2023, https://www.investing.com/news/stock-market-news/stock-market-today-dow-fights-back-to-close-higher-as-nvidia-shines-3012917

    2. “Stock Market Today: Nasdaq Outperforms as Nvidia Outlook Impresses” Kiplinger's Personal Finance, 23 Feb. 2023, https://www.kiplinger.com/investing/stocks/stock-market-today-022323-nasdaq-outperforms-as-nvidia-outlook-impresses

    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, https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-nasdaq-rallies-up-to-resistance-on-nvidia-all-eyes-on-pce-inflation-report/

    4. “Stocks Set To Open Higher After Worst Week Of The Year, Retail Earnings In Focus” Barchart, 27 Feb. 2023, https://www.barchart.com/story/news/14581554/stocks-set-to-open-higher-after-worst-week-of-the-year-retail-earnings-in-focus

    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, https://www.benzinga.com/news/earnings/23/02/31065503/nasdaq-s-p-500-futures-rebound-in-new-trading-week-but-rising-bond-yields-remain-a-risk

    6. “Stock market news today: Stock futures rise ahead of retail earnings, more data” Yahoo News, 27 Feb. 2023, https://news.yahoo.com/stock-market-news-live-updates-february-27-2023-130555308.html

    7. “Dow Jones Rallies 300 Points After Economic Data; Tesla Stock Surges On Production Ramp” Investor's Business Daily, 27 Feb. 2023, https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-climb-ahead-of-economic-data-tesla-stock-jumps-on-production-ramp/

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