The Nasdaq Composite closed at a record high as investors braced for a data-heavy week that could reset interest-rate expectations. The tech-heavy index rose 0.45% to 21,798.70 after notching a fresh intraday peak. The S&P 500 added 0.21% to 6,495.15, while the Dow Jones Industrial Average rose 114 points, or 0.25%, to 45,514.95.<\/p>\n
Chipmaker Broadcom jumped 3%, extending its recent run, while Nvidia gained almost 1%, trimming part of last month\u2019s pullback. Amazon and Microsoft also edged higher, helping lift the sector. \u201cThere continues to be great momentum for AI spend and infrastructure build-out \u2026 the average tech stock is doing really well,\u201d said Ross Mayfield of Baird Private Wealth Management. He described the move as \u201cbroad-based strength.\u201d<\/p>\n
Rates watch: PPI and CPI ahead<\/b><\/p>\n
After Friday\u2019s softer August payrolls report, attention now turns to inflation. Producer prices are due Wednesday US time, followed by consumer prices on Thursday. Weaker hiring has strengthened the case for the Federal Reserve to cut rates at its meeting later this month, with futures implying a 100% chance of at least a quarter-point reduction and a smaller probability of a half-point move. Mayfield cautioned that with markets at records in a seasonally weak period, \u201cthere could be some downside drift\u201d as investors wait for CPI unless an unexpected policy shock emerges.<\/p>\n
Local market<\/b><\/p>\n
Despite the US rally, Australian shares are set to open lower. ASX 200 futures point down 31 points, or 0.4%, to 8,826. Today\u2019s agenda includes two key local data releases: Westpac will publish its monthly consumer confidence survey at 10:30am AEST, followed by NAB\u2019s business confidence and conditions reports at 11:30am AEST.<\/p>\n
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