S&P 500 snaps losing streak with tax hikes, inflation data on horizon



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* Inflation, retail sales data on tap this week

* Biden corporate tax hike in focus

* Moderna, Pfizer drop after report that boosters not widely needed

* Indexes: Dow up 0.76%, S&P 500 up 0.23%, Nasdaq off 0.07% (Updates with prices)

By Stephen Culp

NEW YORK, Sept 13 (Reuters) - The S&P 500 .SPX closed higher on Monday, ending a five-day losing streak as investors focused on potential corporate tax hikes and upcoming economic data.

The Dow Jones Industrial Average .DJI also advanced, but the Nasdaq Composite Index .IXIC ended lower.

Investors favored value .IVX over growth .IGX , with stocks set to benefit most from a resurging economy enjoying the biggest percentage gains.

"There are probably not a lot of positive surprises coming this month," said Liz Young, head of investment strategy at SoFi in New York. "We're having another period of volatility where I think that rotation could go back to cyclicals and the reopened trade, as the 10-year bond rate slowly grinds higher through the end of the year."

Market participants are focused on the likely passage of U.S. President Joe Biden's $3.5 trillion budget package, which is expected to include a proposed corporate tax rate hike to 26.5% from 21%.

Goldman Sachs analysts see the corporate tax rate increasing to 25% and the passage of about half of a proposed increase to tax rates on foreign income, which they estimate would reduce S&P 500 earnings by 5% in 2022.

The Labor Department is due to release its consumer price index data on Tuesday, which could shed further light on the current inflation wave and whether it is as transitory as the Fed insists.

"I don't see inflation settling back down under 2% where it was pre-pandemic," Young added. "Even if some of those transitory forces weaken, we will still stay at a higher rate than we were before."

Other key indicators due this week include retail sales and consumer sentiment, which could illuminate how much the demand boom driven by economic re-engagement has been dampened by the highly contagious COVID-19 Delta variant.

The Dow Jones Industrial Average .DJI rose 261.91 points, or 0.76%, to 34,869.63, the S&P 500 .SPX gained 10.15 points, or 0.23%, at 4,468.73 and the Nasdaq Composite .IXIC dropped 9.91 points, or 0.07%, to 15,105.58.

Of the 11 major sectors in the S&P 500, healthcare .SPXHC suffered the largest percentage loss, while energy .SPNY , buoyed by rising crude prices CLc1 was the biggest gainer.

Shares of vaccine makers Moderna MRNA.O and Pfizer Inc PFE.N sank 6.6% and 2.2%, respectively, after experts said COVID booster shots are not widely needed.

Coinbase Global Inc COIN.O announced plans to raise about $1.5 billion through a debt offering aimed at funding product development and potential acquisitions. The cryptocurrency exchanges shares slid 2.2%.

Salesforce.com Inc CRM.N dipped 1.2% as rival Freshworks Inc's regulatory filing indicated that the business engagement and customer engagement software company is aiming for a nearly $9 billion valuation in it U.S. debut.

Advancing issues outnumbered declining ones on the NYSE by a 1.60-to-1 ratio; on Nasdaq, a 1.02-to-1 ratio favored advancers.

The S&P 500 posted 12 new 52-week highs and one new low; the Nasdaq Composite recorded 53 new highs and 71 new lows.

Volume on U.S. exchanges was 10.30 billion shares, compared with the 9.29 billion average over the last 20 trading days.


Reporting by Stephen Culp; Additional reporting by Krystal Hu in New York and Ambar Warrick in Bengaluru; Editing by Richard Chang

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