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US stocks flipped between negative and positive territory on Tuesday, finishing narrowly in the green as investors shifted their rate-cut expectations after more weaker-than-expected economic data.
The S&P 500 (^GSPC) and the tech-heavy Nasdaq Composite (^IXIC) rose roughly 0.1% after erasing earlier losses. The Dow Jones Industrial Average (^DJI) rose about 0.4%.
Stocks have struggled to find a footing in recent days as investors face uncertainty over the path of interest rates. Recent weak manufacturing data has prompted Wall Street strategists to scale back their optimism for economic growth, which supports a case for rate cuts. But Federal Reserve officials have warned against hoping for a pivot anytime soon as they wait for inflation to cool sufficiently — and when that time comes isn’t clear.
New government data on Tuesday showed that job openings fell in April to their lowest level since February 2021 as the labor market shows further signs of rebalancing. The labor market update serves as a precursor to the crucial May jobs report on Friday — the data highlight of the week.
Traders have adjusted their expectations for rate cuts in recent days, according to the CME FedWatch tool. Almost two-thirds now expect at least one cut by the Fed’s September meeting, a sizable gain from one week ago.
Meanwhile, the GameStop (GME) rally — just one part of the jumpy summer start for stocks — lost steam on Tuesday, on the heels of a 21% surge for the meme darling. Shares of the video game retailer fell about 5%.
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