*

Economic data supports expectation of 25 bps cut in

September

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Marvell ( MRVL ) jumps after forecast beats estimates

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Ulta Beauty ( ULTA ) tumbles following annual forecast trim

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S&P 500 +0.18%, Nasdaq +0.31%, Dow -0.17%

(Updated at 1:55 p.m. ET/ 1755 GMT)

By Noel Randewich and Johann M Cherian

Aug 30 (Reuters) - The Nasdaq and S&P 500 rose 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."

Amazon.com ( AMZN ) and Tesla each added about 2%.

Broadcom ( AVGO ) climbed 2%, while Marvell Technology ( MRVL )

jumped 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 ends 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 Dow

closing on Thursday at its highest ever.

Trading volume has been thin this week ahead of the U.S.

stock market holiday on Monday for Labor Day.

The S&P 500 index was up 0.18% at 5,601.77 points.

The Nasdaq Composite Index rose 0.31% to 17,571.40

points, while the Dow Jones Industrial Average was down 0.17% at

41,263.32 points.

Of the 11 S&P 500 sector indexes, eight rose, led by

consumer discretionary, up 0.83%, followed by a 0.24%

gain in consumer staples.

Nvidia ( NVDA ) rose 0.5%, rebounding from a 6.4% drop in

the previous session 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 4.5% after it trimmed its annual

results forecasts, citing slowing demand for higher-priced

cosmetics and fragrances at its stores.

Intel ( INTC ) jumped almost 8% following a report it was

exploring options that could include a merger.

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

advanced 3.3% 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 0.7% 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 1.0-to-one ratio.

The S&P 500 posted 59 new highs and one new low; the

Nasdaq recorded 65 new highs and 68 new lows.