US stocks end up as Fed, CPI loom large next week
Updated at 4:00 p.m ET/ 2000 GMT
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AMD gains on Piper Sandler price target hike
Coinbase slumps on U.S. SEC charge
Regional banks rally
By Sruthi Shankar, Shristi Achar A and David Carnevali
June 6 (Reuters) -U.S. stocks closed upon Tuesday, helped by some advances in economically sensitive sectors, as investors awaited inflation data and the Federal Reserve's policy meet next week.
Inflation data is expected to show consumer prices cooled slightly on a month-over-month basis in May but core prices are likely to have remained elevated, and the Fed is widely expected to hold interest rates.
The S&P 500 is up almost 20% from its October 2022 lows, boosted by gains in megacap stocks, a stronger-than-expected earnings season and hopes that the U.S. central bank is nearing the end of its interest rate-hike cycle.
The Dow Jones Industrial Average .DJI rose 10.42 points, or 0.03%, to 33,573.28, the S&P 500 .SPX gained 9.94 points, or 0.23%, to 4,283.73 and the Nasdaq Composite .IXIC added 46.99 points, or 0.36%, to 13,276.42.
"It looks like investors are gaining a little optimism," said Cresset Capital CIO Jack Ablin.
"The narrowness in the market where everyone was focused on the top seven names or so is starting to dissipate a little bit and that's good news."
Financials .SPSY led gains among the 11 major S&P 500 sectors, while the KBW regional banking index .KRX was firmly in the green. The Russell 2000 index .RUT of small-cap companies also showed strength.
Recent economic data and dovish remarks from Fed officials have raised the odds of the Fed holding interest rates at its June 13-14 meeting.
Fed fund futures indicate traders have priced in a near 80% chance that the central bank will hold interest rates in the 5%-5.25% range, according to CMEGroup's Fedwatch tool. However, they see 50% odds of another 25-basis-point rate hike in July.
Coinbase Global COIN.O plunged after the U.S. Securities and Exchange Commission sued the crypto exchange, accusing it of illegally operating without having first registered with the regulator.
Advanced Micro Devices AMD.O rose after Piper Sandler raised the price target on the stock to $150, the second highest on Wall Street, as per Refinitiv data.
Reporting by Sruthi Shankar and Shristi Achar A in Bengaluru
Editing by Vinay Dwivedi and Deepa Babington
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