Stocks traded higher Monday as investors looked ahead to U.S. inflation data later in the week and pondered what influence the consumer price index and producer price index readings will have on monetary policy from the Federal Reserve.Tesla rose 6.4% to $264.30 after shares of the electric-vehicle maker were upgraded to Buy from Hold by Morgan Stanley analyst Adam Jonas, who also boosted the stock’s price target to a Wall Street high of $400 a share, up from $250.
J.M. Smucker , the food company famous for jams and jellies, reached an agreement to buy Hostes Brands for about $5.6 billion, or $34.25 a share. The deal represents a roughly 54% premium to the stock’s closing price on Aug. 24, which was the last trading day before reports broke about the possibility of a deal. Hostess Brands surged 19% to $33.40. Smucker shares dropped 7.1%.
Meta Platforms , the parent company of Facebook and Instagram, is working on a new artificial-intelligence system intended to be as powerful as the most advanced model offered by OpenAI, the Journal reported. Meta aims for the new AI model to be ready next year, according to the Journal, which cited people familiar with the matter. Meta shares rose 2.3%.
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