Stocks rebounded on Tuesday as new data on the labor market showed signs of cooling ahead of Friday’s August jobs report.
The S&P 500 (^GSPC) rose 1.2% and the Dow Jones Industrial Average (^DJI) added 0.65%, as US job openings fell below 9 million for the first time since March 2021 and consumer confidence reversed its summer gains. The Nasdaq Composite ( ^IXIC ) led the way at 12:30 ET, up 1.6%.
Earlier on Tuesday, the S&P Gas-Shiller US National Composite Home Price Index rose 0.7% on a seasonally adjusted basis in June compared to May. This was in line with the 0.7% increase in the previous month. The index is only 0.02% exactly a year ago.
Economic updates will whet appetite for core PCE inflation and August wages reports on Thursday and Friday.
With the question of a recession still on the minds of investors, the strength of that data could deflect investors’ expectations of more interest-rate hikes from the Federal Reserve. The cautious tone of Federal Reserve Chairman Jerome Powell’s speech in Jackson Hole last week suggests some pessimistic policymakers will not do much to reduce inflation.
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