*

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

(Updates with market close)

By Noel Randewich

Aug 30 (Reuters) - The Nasdaq and S&P 500 ended higher

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 made gains.

Broadcom ( AVGO ) rallied, while Marvell Technology ( MRVL )

surged 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 S&P 500 trading

near record highs.

Trading volume has been thin this week ahead of Monday's

U.S. stock market holiday for Labor Day.

According to preliminary data, the S&P 500

gained 55.64 points, or 1.00%, to end at 5,647.60 points,

while the Nasdaq Composite gained 194.30 points, or

1.11%, to 17,710.73. The Dow Jones Industrial Average

rose 214.86 points, or 0.52%, to 41,549.91.

Nvidia ( NVDA ) rose, 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 after it trimmed its annual

results forecasts, citing slowing demand for higher-priced

cosmetics and fragrances at its stores.

Intel ( INTC ) jumped following a report it was exploring

options that could include a merger.

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

advanced 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 to a record

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