Stock market today: Wall Street quiet ahead of reports on consumer confidence, job openings
By DAMIAN J. TROISE
AP Business Writer
NEW YORK (AP) — Stocks edged higher in morning trading on Wall Street Tuesday ahead of some potentially market-moving jobs data and a survey reflecting consumers’ feelings about the economy.
The S&P 500 rose 0.2% and the benchmark index has slightly more gainers than losers. The Dow Jones Industrial Average rose 63 points, or 0.2%, to 34,630 as of 9:50 a.m. Eastern. The Nasdaq rose 0.3%.
Investors and economists this week are paying close attention to economic reports that could shed more light on whether the job market remains hot and inflation is still cooling. The latest data could provide more clues about whether the Federal Reserve is likely to hold interest rates steady or raise them again before the year closes.
The Fed has raised its benchmark borrowing rate 11 times since early last year to the highest level in more than two decades.
On Tuesday, investors will get an update on consumer confidence, which jumped sharply in July and is expected to remain strong in August. Consumers have been resilient despite persistent pressure from inflation. Also Tuesday, the government will issue a report on job openings in July.
The job market is also being closely-watched amid lingering worries about a recession. Strong employment has been credited with acting as a bulwark against a recession, but it is also making the Fed’s fight against inflation more difficult. The health and direction of the job market will help determine what the Fed does next for its interest rate policy, as well as potentially temper fears about an economic slowdown.
Investors are also reviewing the latest earnings results from several big retailers.
Best Buy shares rose 4.8% after the consumer electronics retailer beat Wall Street forecasts, even as second-quarter profit and sales declined from a year ago, a consistent theme for retailers this spring.
Markets in Europe and Asia gained ground.
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Yuri Kageyama and Matt Ott contributed to this report.
