Stocks are little changed as Nasdaq tries to build on records
U.S. stocks were little changed on Tuesday after the Nasdaq Composite hit a new record.
The S&P 500 gained 0.1%, as did the Nasdaq Composite. The Dow Jones Industrial Average hovered around the flatline.
The Labor Department updated its jobs figures for the 12 months through March, lowering the total payroll gains during that period by a whopping 911,000.
While the data had minimal impact on stocks Tuesday because its regarding figures from six months ago, the report may reinforce calls for the Federal Reserve to be more aggressive with rate cuts this year.
Wall Street is coming off a winning session. The Nasdaq rose 0.5%, as key chipmakers such as Broadcom and Nvidia helped carry the tech-heavy index to all-time highs. The S&P 500 climbed 0.2%. The 30-stock Dow gained more than 100 points.
But investors are now awaiting two key inflation reports that could determine what Federal Reserve policymakers will do at their meeting next week. Last week, a surprisingly weak jobs report added to hopes the path for interest rates is lower. However, any surprising strength in the inflation readings could throw a wrench in that outlook. The August producer price index report is due out Wednesday morning, while the consumer price index is set to release on Thursday.
Source : CNBC
