NEW YORK (AP) — Stocks edged higher in Wall Street morning trading on Tuesday ahead of jobs data that could move markets and surveys that reflect consumer sentiment about the economy.
The S&P 500 rose 0.2%, with the number of gainers slightly outnumbering the decliners in the benchmark index. The Dow Jones Industrial Average rose 63 points, or 0.2%, to $34,630 at 9:50 a.m. ET. The Nasdaq rose 0.3%.
Investors and economists have been paying close attention to economic reports this week that could reveal more if the job market remains hot and inflation remains cooling. The latest data could provide further clues as to whether the Federal Reserve is likely to keep rates on hold or raise them again by the end of the year.
The Fed has raised its benchmark borrowing rate 11 times since early last year, reaching its highest level in more than 20 years.
Investors will receive an update on consumer confidence on Tuesday, which is expected to surge in July and continue to do well in August. Consumers are showing resilience despite continued pressure from inflation. Also on Tuesday, the government will release its report on job openings for July.
Amid persistent fears of a recession, the job market is also in the spotlight. Robust employment is thought to act as a bulwark against recession, but it also makes the Fed’s fight against inflation more difficult. The health and direction of the job market not only helps the Fed decide what to do next with interest rate policy, but it could also ease concerns about an economic slowdown.
Investors are also looking at the latest results of some big retailers.
Best Buy shares rose 4.8% as electronics retailers outperformed Wall Street expectations, even as second-quarter earnings and sales declined year-on-year. This is a consistent theme for retailers this spring.
European and Asian markets have emerged.
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Yuri Kageyama and Matt Ott contributed to this report.