*

Economic data supports expectation of 25 bps cut in

September

*

Marvell ( MRVL ) jumps after forecast beats estimates

*

Ulta Beauty ( ULTA ) tumbles following annual forecast trim

*

S&P 500 +1.01%, Nasdaq +1.13%, Dow +0.55%

(Updates with closing prices)

By Noel Randewich

Aug 30 (Reuters) - Wall Street stocks rose and the Dow

scored a second consecutive all-time closing high on Friday,

with Tesla and Amazon ( AMZN ) climbing after fresh U.S. economic data

raised expectations that the Federal Reserve will cut interest

rates modestly in September.

U.S. consumer spending increased solidly in July, suggesting

the economy remained strong while prices rose moderately.

"Investors are seeing another sign of being in a soft

landing," said Cameron Dawson, chief investment officer at

Newedge Wealth. "It's another one of those Goldilocks kind of

reports really threading a needle right down the center. The

market is really getting exactly what it wanted."

A "just-right" Goldilocks economy has steady growth, but not

too much that it fuels excessive inflation.

Amazon.com ( AMZN ) and Tesla each jumped over 3%.

Broadcom ( AVGO ) rallied nearly 4%, while Marvell

Technology ( MRVL ) surged 9% after the chipmaker forecast

quarterly results above estimates.

Friday's personal consumption expenditures report was the

last major economic data release before the Fed's September

meeting. Chair Jerome Powell last week expressed support for an

imminent policy adjustment.

Money markets suggest traders mostly expect the Fed to cut

rates by 25 basis points in September, with odds of a 50 basis

point cut dimming further after Friday's data, according to CME

Group's FedWatch Tool.

Friday ended a tumultuous month on Wall Street after signs

of a sudden moderation in the labor market in early August

sparked fears of a U.S. recession. The influence of the Japanese

yen carry trade worsened the rout.

Shares have rebounded since then, with the S&P 500 trading

near record highs.

Ahead of Monday's U.S. stock market holiday for Labor

Day, volume on U.S. exchanges was relatively light, with 11.2

billion shares traded, compared to an average of 11.4 billion

shares over the previous 20 sessions.

The S&P 500 climbed 1.01% to end at 5,648.40

points.

The Nasdaq Composite Index climbed 1.13% to

17,713.62 points, while the Dow Jones Industrial Average

rose 0.55% to 41,563.08 points.

All 11 S&P 500 sector indexes rose, led by consumer

discretionary, up 1.9%, followed by a 1.1% gain in

industrials.

For the month, the S&P 500 rose 2.3%, the Dow added 1.8%

and the Nasdaq climbed 0.6%.

Nvidia ( NVDA ) rose 1.5%, rebounding from a 6.4% drop on

Thursday after the artificial intelligence-chip bellwether

failed to match sky-high investor expectations, despite upbeat

results and a broadly in-line forecast.

Ulta Beauty ( ULTA ) slid 4% after it trimmed its annual

results forecasts, citing slowing demand for higher-priced

cosmetics and fragrances at its stores.

Intel ( INTC ) jumped almost 10% following a report it was

exploring options that could include a merger.

Dell Technologies ( DELL ), another AI-related stock,

advanced 4.3% after lifting its annual revenue and profit

forecasts.

Shares of Trump Media & Technology Group ( DJT ), majority

owned by former U.S. President Donald Trump, dipped 1.7% to a

record low, leaving its stock market value at $3.9 billion.

Advancing issues outnumbered falling ones within the S&P

500 by a 6.6-to-one ratio.

The S&P 500 posted 79 new highs and two new lows; the

Nasdaq recorded 84 new highs and 77 new lows.