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Midday trading on Tuesday saw a rally in stocks as investors bet the Federal Reserve would hold off on raising interest rates amid the latest weaker-than-expected economic data.
The JOLTs report showed that in July there were 8.8 million job openings, down 338,000 from June and far lower than the 9.465 million openings predicted by economists.
Similarly, August’s reading of 106.1 on the Conference Board’s consumer confidence index was the lowest since February 2021 and significantly lower than the 117.1 that was expected by experts.
The dollar dropped, U.S. Treasury yields declined, and stocks rose across the board as a result of the negative economic news.
The market-implied probability of a Fed rate hike in September plummeted from 22% to as low as 13%. Markets also reduced the likelihood of a rate hike by November from 66% to 49%, according to the CME Group Fed Watch tool.
Among mega-cap names, Tesla Inc. (NASDAQ:TSLA) soared over 6% and NVIDIA Corp. (NASDAQ:NVDA) gained over 4%.
Cues From Tuesday's Trading:
The S&P 500 rose 1.3%, on track for its third straight session of gains. The Dow rose 0.6%, breaking above its 50-day moving average.
Tech stocks outperformed with the Nasdaq 100 index rising nearly 2%, on track for its strongest session since the end of May.
The Russell 2000 rose 1.3%, on its best trading day since the end of July.
US Index Performance On Tuesday
| Index | Performance (+/-) | Value |
| Nasdaq 100 | +1.92% | 13,341.52 |
| S&P 500 Index | +1.23% | 4,487.18 |
| Dow Industrials | +0.61% | 34,778.80 |
| Russell 2000 | +1.32% | 1,893.82 |
See also: How To Trade Futures
Tuesday’s Trading In Major US Equity ETFs
Among S&P 500’s sectors:
Stocks In Focus:
Commodities, Bonds, Other Global Equity Markets:
Crude oil rose 0.6%, with a barrel of WTI-grade crude trading above $80. The United States Oil Fund ETF (NYSE:USO) was 0.4% higher to $72.73.
Treasury yields were lower, with the 10-year yield down to 4.12% and the two-year yield down by 17 basis points to 4.88%. The iShares 20+ Year Treasury Bond ETF (NYSE:TLT) rose 1% for the day.
The dollar fell, with the U.S. dollar index, which is tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), down 0.3%. The EUR/USD pair, which is tracked by the Invesco CurrecyShares Euro Currency Trust (NYSE:FXE), was 0.4% higher to 1.0855.
European equity indices closed in the green. The SPDR DJ Euro STOXX 50 ETF (NYSE:FEZ) rose 1%.
Gold edged 0.8% up to $1,935/oz, while silver rose nearly 2% to $24.69. Bitcoin (CRYPTO: BTC) was 7% higher to $27,915.
Read Next: Dow Jones Bulls Lock Horns At Resistance Level: What’s Next For Blue-Chip Gauge?
Staff writer Piero Cingari updated this report midday Tuesday.
Photo: Shutterstock
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