Wall Street stocks gain ground in choppy trading as weak jobs data supports rate cut

NEW YORK - U.S. stocks rose in choppy trading on Tuesday following softer-than-expected labor market data that reaffirmed expectations of an interest rate cut by the Federal Reserve.

The labor market data was the latest in a string of recent reports that pointed to cooling U.S. economic growth. Data on Monday had showed that U.S. manufacturing activity had slowed for the second straight month in May. Market expectations for a September rate reduction now stand around 65%, versus below 50% last week, according to the CME's FedWatch tool. The closely watched non-farm payrolls data for May is due on Friday.Paramount Global fell 4% after the media conglomerate said it was exploring strategic options or a joint venture for its Paramount+ streaming service.

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Stock market today: Asian shares track Wall Street’s retreatShares retreated Thursday in Asia after U.S. stocks fell under the weight of higher yields in the bond market, with the Dow Jones Industrial Average
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Stock market today: Asian shares track Wall Street's retreatShares have retreated in Asia after U.S. stocks fell under the weight of higher yields in the bond market. U.S. futures sank and oil prices fell back. On Wednesday, the S&P 500 dropped 0.7% and the Dow Jones Industrial Average lost 1.1%. The Nasdaq composite fell 0.6% after setting its latest all-time high.
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