- New data suggested signs of softening in the labor market, which helped stocks rise on Tuesday.
- The important PCE inflation and August payroll data are scheduled on Thursday and Friday.
- Tuesday afternoon’s top trending ticker on Yahoo Finance was Alphabet (GOOG, GOOGL).
Before Friday’s release of the August jobs report, new data suggested signs of softening in the labor market, which helped stocks rise on Tuesday. The Nasdaq Composite (IXIC) led advances by around 1.75%, rising by roughly 1.45% more than the S&P 500 (GSPC) and 0.85% more than the Dow Jones Industrial Average (DJI).
The important PCE inflation and August payroll data, which are scheduled on Thursday and Friday, are an appetizer for the economic updates. The reliability of the statistics may influence investors’ expectations for future interest rate increases from the Federal Reserve, as investors are still concerned about the possibility of a recession.
Stock Market
The Writers Guild of America (WGA) criticized the studios’ counterproposal last week, complaining that it didn’t even come close to meeting the writers’ requests, and the continuing double strike in Hollywood came to a standstill as a result.
As the previous writers’ strike showed, according to observers in the industry, the “double whammy” work stoppage has already had a significant impact on the economy. The Los Angeles County Economic Development Corp. estimated that the strike in 2007–2008 cost the local economy a staggering $2.5 billion.
Tuesday afternoon’s top trending ticker on Yahoo Finance was Alphabet (GOOG, GOOGL), whose shares increased by more than 2% as the tech giant unveiled a plethora of new AI solutions for its Google Cloud and Workspace corporate platforms.
As a judge overturned a previous Securities and Exchange Commission judgment, paving the way for the first Bitcoin ETF in the US, cryptocurrencies and stocks linked to them all rose. Shares of Tesla (TSLA) increased by more than 6%, joining an overall tech surge.
