S&P 500 Climbs 0.6% on August 28, 2023 Following Powell's Rate Hike Remarks – Market Update & Key Movers
Explore how the S&P 500 extended its gains on August 28, 2023, driven by Fed Chair Powell's cautious outlook on interest rate hikes, with standout performances from Boston Scientific and sector impacts from tropical storm concerns.
Bill McColl brings over 25 years of expertise as a senior producer and writer across TV, radio, and digital platforms, leading news teams in delivering impactful coverage of major events.
Highlights from August 28, 2023 Market Activity
- The S&P 500 rose 0.6%, continuing last week's upward momentum after Fed Chair Jerome Powell signaled a cautious approach to future interest rate increases aimed at curbing inflation.
- Boston Scientific (BSX) surged 6%, fueled by promising clinical trial results for its innovative atrial fibrillation treatment.
- Shares of Generac Holdings (GNRC) jumped 3.7% amid hurricane-related demand forecasts, while cruise line stocks declined due to tropical storm threats.
U.S. stock markets kicked off the final week of August on a positive note. The S&P 500's 0.6% gain reflected investor optimism following Powell's comments that the Federal Reserve will proceed "carefully" regarding additional interest rate hikes to manage inflationary pressures.
Boston Scientific led the index, with a 6% increase after announcing successful outcomes from a clinical trial of its electric-based therapy for atrial fibrillation patients. 3M (MMM) closely followed, climbing 5% after reports emerged of a tentative settlement agreement addressing lawsuits from veterans alleging hearing loss due to defective earplugs.
Generac Holdings saw its shares rise 3.7%, driven by anticipated demand for generators ahead of a potential hurricane approaching Florida's west coast. Micron Technology (MU) gained 2.5% after U.S. Commerce Secretary Gina Raimondo reaffirmed opposition to China's ban on Micron's memory chip sales.
Conversely, Royal Caribbean Group (RCL) shares fell 1.5%, alongside other cruise operators, amid concerns that tropical storms in the Atlantic and Gulf of Mexico could disrupt operations. DexCom (DXCM) declined 1.5% following Insulet's (PODD) launch of its automated insulin delivery system in Germany, marking its third market, though Insulet's shares also dipped 1%. Phillips 66 (PSX) shares decreased 0.7% after selling its northern Texas oil pipeline system to Tivoli Midstream.
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