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Goldman Sachs ( GS ) raises S&P 500 year-end target to 5,600

points

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Evercore ISI hikes year-end S&P 500 target to 6,000 points

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Autodesk ( ADSK ) up after report Starboard Value takes ~$500 mln

stake

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Indexes higher: Dow 0.56%, S&P 500 1.02%, Nasdaq 1.34%

(As of 2:15 p.m eastern)

By Echo Wang

June 17 (Reuters) - Wall Street's main indexes rose in

volatile trading on Monday, as investors awaited new economic

data and comments from Federal Reserve officials for more

clarity on monetary policy.

Megacaps Apple and Microsoft ( MSFT ) rose 2.8% and

1.58% respectively in a rebound from early losses. Artificial

intelligence chip leader Nvidia ( NVDA ) retreated from a record

high to add 0.3%.

Other rallying chip stocks helped to send the

Philadelphia SE Semiconductor index briefly to an

all-time high. Broadcom ( AVGO ) and U.S.-listed shares of

Taiwan Semiconductor Manufacturing Co ( TSM ) were up 5.3% and

3.0% respectively, while Micron Technology ( MU ) rose 4.4%

after price-target raises by brokerages.

Technology and consumer discretionary

were the biggest gainers among the 11 S&P 500 sector indexes,

while real estate and utilities led

declines.

"There is hope that lower interest rates might come into

play looking forward, reducing housing costs and helping

consumers out," said J. Bryant Evans, investment advisor and

portfolio manager at Cozad Asset Management in Champaign,

Illinois.

Goldman Sachs ( GS ) lifted its 2024 year-end target for the S&P

500 Index to 5,600 from 5,200, while Evercore ISI raised

its forecast for the benchmark index to 6,000 from 4,750.

Both brokerages cited technology strength and enthusiasm

for AI as reasons for their upgrades.

The tech-heavy Nasdaq and S&P 500 hit multiple

all-time peaks in the previous week.

The Fed will be able to cut its benchmark interest rate once

this year, Philadelphia Fed President Patrick Harker said on

Monday, if his economic forecast plays out.

New York Fed President John Williams and Fed Board

Governor Lisa Cook will speak later on Monday.

This week's economic roster includes May retail sales

data on Tuesday, followed by industrial production, housing

starts and the S&P flash Purchasing Managers' Index.

Markets will be closed on Wednesday for the Juneteenth

holiday.

The

Fed held interest rates steady

on Wednesday and pushed out the start of rate cuts to

perhaps as late as December.

However, markets still expect about two 25-basis-point cuts

this year, LSEG data showed. The CME FedWatch tool

shows easing is still seen beginning at the September meeting.

As of 3:20 p.m. ET, the Dow Jones Industrial Average

rose 214.04 points, or 0.56%, to 38,804.45. The S&P 500

gained 55.40 points, or 1.02%, at 5,487.07 and the Nasdaq

Composite advanced 237.06 points, or 1.34%, to

17,926.01.

Autodesk ( ADSK ) jumped 7% after a report that activist

investor Starboard Value had bought a roughly $500 million stake

in the software maker.

Advancing issues outnumbered decliners by a 1.36-to-1

ratio on the NYSE which had 229 new highs and 120 new lows.

The S&P 500 posted 37 new 52-week highs and six new lows

while the Nasdaq Composite recorded 57 new highs and 203 new

lows.