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The S&P 500 rose 0.6%, the Dow Jones Industrial Average fell 0.6%, 213 points, and Nasdaq was up 0.8%.
3M Company (NYSE:MMM) closed more than 5% as it closes in on a more than $5.5 billion deal to settle over 300 lawsuits, alleging that the company sold the U.S. military defective earplugs, Bloomberg reported Sunday, citing sources familiar with the deal.
The settlement saves the company from a much larger liability as some financial experts estimated that the lawsuits, if successful, would have resulted in a cost of about $10B, the report added.
Generac Holdings Inc (NYSE:GNRC), meanwhile, also lifted industrials with an almost 4% gain as the backup generator maker is expected to see an ongoing surge in demand from extreme weather.
Tropical storm Idalia is expected to strengthen and make landfall along Florida’s Gulf Coast by Wednesday as a hurricane.
Boston Scientific (NYSE:BSX) reported positive results from a clinical trial for its pulsed field ablation system — used to remove heart tissue that causes abnormal heartbeats – to treat patients with atrial fibrillation, sending its share up 6%.
The clinical study met its primary goal showing that the company’s system wasn’t inferior to the current treatment options including radiofrequency or cryoablation.
The positive results from the company’s system represent another “potential blockbuster product with exposure to a high growth market,” UBS said. “We remain bullish on the large and growing atrial fibrillation market opportunity that pulsed field ablation can address,” it added.
Market direction will be dominated by top-tier economic data this week including the fresh inflation data and the July monthly jobs report slightly for Thursday and Friday.
“The key economic data releases this week are JOLTS job openings on Tuesday, the Q2 GDP revision on Wednesday, core PCE on Thursday, and the employment and ISM reports on Friday,” Goldman Sachs said in a note.
The data will likely filter into the Fed’s thinking on monetary policy ahead of its Sept 19-20 meeting, and are set to arrive following fresh signs that the Fed is likely to keep rates higher for longer.
As expected, Powell’s remarks on Friday were “relatively hawkish in nature as the Committee continues to grapple with higher-than-expected inflation amid a stronger-than-expected economy,” Stifel said in a Monday note.
Big tech made a positive start to the week, led by a more than 1% rise in Meta Platforms Inc (NASDAQ:META), as Treasury yields slipped from recent highs.
The 2-year Treasury yield was down 4 basis points to 5.052%, while the 10-year Treasury yield fell 3 basis points at 4.213%.
