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U.S. equities were little moved on Tuesday as investors continued to assess the potential for interest rate cuts following the latest economic data and comments from Fed Chair Jerome Powell.
Speaking at the European Central Bank (ECB) forum in Portugal, Powell welcomed recent progress on disinflation and noted that the labor market is “appropriately cooling,” reinforcing market expectations for reduced borrowing costs later this year. He anticipates inflation to be between 2% and 2.5% by this time next year but did not commit to a specific course of action.
Powell also highlighted the unsustainable trajectory of the U.S. national debt, labeling it a “top-level issue” for policymakers at Capitol Hill.
On the data front, the Job Openings and Labor Turnover Survey (JOLTS) report revealed a surge of 221,000 job vacancies, reaching 8.14 million in May and surpassing the forecast of 7.91 million.
Traders are now looking ahead to further crucial labor market data, including the private ADP employment report on Wednesday and the official June employment situation on Friday.
Indices and sectors traded within narrow ranges, with only a few standout performers. Tesla Inc. (NASDAQ:TSLA) made headlines, soaring over 9% as second-quarter deliveries exceeded market expectations. The EV giant, led by Elon Musk, delivered 443,956 vehicles in the second quarter, marking a 4.8% decrease from the previous year but surpassing estimates of 438,019 vehicles.
Treasury yields remained mostly unchanged, with the 10-year yield at 4.45%. Commodities showed little movement as well, with West Texas Intermediate (WTI) light crude trading flat at $83.50 and gold dipping by 0.3%.
Bitcoin (CRYPTO: BTC) declined by 1.6%, falling below $62,000.
Major Indices | Price | 1-day %chg |
Nasdaq 100 | 19,895.50 | 0.4% |
S&P 500 | 5,484.20 | 0.2% |
Russell 2000 | 201.12 | 0.0% |
Dow Jones | 39,118.69 | -0.1% |
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