Stock market today: Wall Street rises following updates on consumer confidence, job openings

NEW YORK — Technology companies led a broad stock market rally Tuesday after two economic reports raised hopes on Wall Street that the economy is cooling enough for the Federal Reserve to pause hiking interest rates.

The latest gains came as investors reviewed reports on consumer confidence and the labor market. The Conference Board, a business research group, reported that consumer confidence tumbled in August, surprising economists that were expecting levels to hold steady around the strong July reading. Consumer confidence and spending have been closely-watched amid persistent pressure from inflation.

“Markets reacted to the release of the consumer confidence and job opening reports by rallying, with both bonds and stocks up on the news as odds for a Federal Reserve rate hike at their next meeting in September fell,” said Sam Millette, fixed income strategist for Commonwealth Financial Network. “My gut tells me the Fed is close to being done with rate hikes, but we need to see more traction with some of these numbers we saw today,” said Jason Betz, private wealth advisor at Ameriprise Financial.

If the PCE report indicates inflation is coming down at a faster pace, and if the jobs report shows wage growth and hiring have weakened, that could bring down the likelihood of a rate hike in November even further, said Quincy Krosby, chief global strategist for LPL Financial.

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