Stocks started to bounce back from days of losses on Tuesday as investors awaited key data to provide insight into the US economy.
The S&P 500 (^GSPC) rose about 0.3% in the opening hours, while the Dow Jones Industrial Average (^DJI) traded around a flatline. The tech-heavy Nasdaq Composite ( ^IXIC ) rose 0.4%.
The more upbeat tone comes after the Dow marked its sixth straight day of declines on Monday, while the Nasdaq’s declines added to losses in five of the past six sessions.
In a big week for economic data, Tuesday will focus on updates on home sales, durable goods and consumer confidence. Markets are watching how the U.S. economy fares as concerns about Federal Reserve interest rate hikes resurface in the recession.
Markets are looking for any factor that could affect the central bank’s thinking ahead of the July meeting. In particular, they are watching for signs of resilience as fears of a recession fueled by the central bank’s rate hike campaign resurface.
Markets may see a fair amount of buying and selling this week, marking the last days of the quarter and the first half of 2023, as investors readjust their asset allocations.
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