September 10, 2024 – 7:17 AM PDT
(Reuters) – The S&P 500 and the Nasdaq rose on Tuesday as most megacap stocks gained, with focus now moving to key inflation data later this week that could provide more clarity on the extent of the Federal Reserve’s expected interest rate cut on Sept. 18.
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Apple (AAPL.O) fell 1.6%, with China’s Huawei launching a tri-fold smartphone hours after the debut of a new iPhone.
The iPhone maker also lost its fight against an order by EU competition regulators to pay 13 billion euros ($14.34 billion) in back taxes to Ireland.
EV maker Tesla (TSLA.O) rose 2.2%, leading gains among megacaps and growth stocks.
Nine of the 11 major S&P 500 sectors were trading higher, with consumer discretionary (.SPLRCD) and communication services (.SPLRCL) leading gains.
Wall Street’s main indexes had recorded gains of more than 1%…
