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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