Wall Street Shakes! The Market is Confused About Going Up or Down?
The US stock market moved without a clear direction on Tuesday. The S&P 500 and Nasdaq indexes fluctuated, while the Dow Jones rose around 200 points, extending the previous day's gains. The S&P 500's quarterly performance recorded its best record since 2023. Investors are still watching developments in trade negotiations and discussions on the budget bill in the US Congress.
Federal Reserve Chairman Jerome Powell stated that the impact of tariffs on prices would likely only be seen in the next few months. However, he also emphasized that most Fed officials support cutting interest rates before the end of the year. This statement is a major concern for market players who continue to weigh the direction of US monetary policy going forward.
In terms of economic data, the number of US job vacancies surprisingly rose to 7.77 million, the highest level since November last year. This shows that the labor market is still quite strong even though the Fed maintains high interest rates. However, the ISM Manufacturing PMI data recorded a contraction in factory activity for four consecutive months, indicating pressure in the manufacturing sector.
By sector, utilities were the worst performers, while materials led the gains. On the corporate side, Tesla shares fell more than 3% after tensions between President Trump and Elon Musk, adding to negative sentiment toward tech stocks.
Source: (ayu-newsmaker)
