US markets started the last week of August on a high note, adding to last week's gains after Fed Chair Jerome Powell signaled that policymakers will proceed "carefully" when deciding whether to continue raising interest rates to combat inflation. The S&P 500 gained 0.6%. Boston Scientific (BSX) was the best-performing company in the S&P 500, with …
US markets started the last week of August on a high note, adding to last week’s gains after Fed Chair Jerome Powell signaled that policymakers will proceed “carefully” when deciding whether to continue raising interest rates to combat inflation. The S&P 500 gained 0.6%.
Boston Scientific (BSX) was the best-performing company in the S&P 500, with shares jumping 6% after the medical device maker published favourable findings from a clinical study of its electric-based therapy for atrial fibrillation patients. 3M (MMM) came in second place. Its stock rose 5% after rumors that it had struck a tentative agreement to resolve claims involving hundreds of thousands of veterans who claimed the company’s earplugs failed to protect them from hearing loss caused by loud noises like explosions.
Generac Holdings (GNRC) shares rose 3.7% on expected demand for generators as a hurricane approaches the west coast of Florida. Micron Technology (MU) rose 2.5% after Secretary of Commerce Gina Raimondo informed Chinese officials that the US will not accept Beijing’s restriction on the sale of Micron’s memory chips.
Royal Caribbean Group (RCL) shares fell 1.5%, and competitor cruise lines’ shares fell as well, on fears that tropical storms in both the Atlantic and Gulf of Mexico will disrupt their operations. DexCom (DXCM) shares fell 1.5% after competitor Insulet (PODD) announced the release of its automated insulin administration system in Germany, the device’s third market. However, the announcement did not benefit Insulet’s stock, which fell 1%. Shares of Phillips 66 (PSX) fell 0.7% after the petroleum refiner sold its oil pipeline infrastructure in northern Texas to Tivoli Midstream.
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