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

points

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

stake

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Indexes down: Dow 0.24%, S&P 500 0.10%, Nasdaq 0.10%

(Updated at 9:47 a.m. ET)

By Lisa Pauline Mattackal and Ankika Biswas

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

lower on Monday as investors awaited fresh economic data and

comments from Federal Reserve officials throughout the week for

more clarity on monetary policy.

Keeping a lid on losses were megacaps Apple ( AAPL ) and

Microsoft ( MSFT ) with gains of 0.3% and 0.9%, respectively. AI

chip leader Nvidia ( NVDA ) advanced 1% to hit a fresh record

high.

Other chip stocks also rose, sending the Philadelphia SE

Semiconductor index to an all-time high. Broadcom ( AVGO )

and U.S.-listed shares of Taiwan Semiconductor

Manufacturing Co were up around 3% each, while Micron

Technology ( MU ) jumped 2% after price-target raises by

brokerages.

Autodesk ( ADSK ) jumped 4.5% after a report that activist

investor Starboard Value had bought a roughly $500 million stake

in the software maker.

Technology was the biggest gainer among the 11 S&P

500 sector indexes.

The blue-chip Dow was the only major index to post

weekly declines on Friday, while the Nasdaq notched its

fifth consecutive record closing high. The S&P 500 hit multiple

all-time peaks in the previous week.

Some investors, however, are concerned about the

sustainability of the equity rally as megacap growth and

technology stocks were behind most of Wall Street's gains this

year.

"There really isn't an appetite to be a real seller right

now because there is a perception that momentum is going to

continue, and stocks are going to continue winning," said

Daniela Hathorn, senior market analyst at Capital.com.

"The fact that the rally has been driven mostly by a select

few stocks, that would mean that the pullback could be even

deeper."

Goldman Sachs still raised its 2024 year-end target for the

S&P 500 Index to 5,600 from 5,200 earlier, representing

an about 3.2% upside to current levels.

Markets are also keeping a close eye on upcoming comments

from the New York Fed's John Williams, Philadelphia Fed's

Patrick Harker and Fed Board Governor Lisa Cook.

Data showed the New York Fed's Empire State Current Business

Conditions index slipped less than expected, while the index of

prices paid softened slightly.

On the economic roster for the rest of the week are May

retail sales data on Tuesday, with industrial production,

housing starts and S&P flash PMI data among other key releases

due later in the week.

Recent hawkish projections from the Federal Reserve have

somewhat contrasted several data releases pointing to growing

weakness in the economy. The central bank dialed back their

projections for three rate cuts in 2024 to just one on

Wednesday.

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

this year, according to LSEG data. The CME FedWatch tool

shows easing is still seen beginning at the September

meeting.

At 9:47 a.m. ET, the Dow Jones Industrial Average was

down 91.66 points, or 0.24%, at 38,497.50, the S&P 500

was down 5.63 points, or 0.10%, at 5,425.97, and the Nasdaq

Composite was down 17.42 points, or 0.10%, at 17,671.46.

A shorter trading week is on deck as markets will be closed

on Wednesday.

Declining issues outnumbered advancers for a 1.73-to-1 ratio

on the NYSE and for a 1.55-to-1 ratio on the Nasdaq.

The S&P index recorded 13 new 52-week highs and four new

lows, while the Nasdaq recorded 20 new highs and 82 new lows.