NEW YORK — U.S. stocks held relatively steady after a report suggested the job market is cooling. The S&P 500 edged up 0.2% Tuesday. The Dow Jones Industrial Average rose 0.4%, and the Nasdaq composite added 0.2%. Treasury yields slid after the report showed U.S. employers advertised fewer job openings at the end of April than economists expected. Wall Street actually wants the job market and overall economy to slow. That could convince the Federal Reserve to cut interest rates.
Wall Street actually wants the job market and overall economy to slow. That could help get inflation under control and convince the Federal Reserve to cut interest rates, which would ease the pressure on financial markets. Traders upped their expectations for coming cuts to rates following the data report.
But it also followed a report on Monday that showed U.S. manufacturing contracted in May for the 18th time in 19 months. Worries about a slowing economy have hit the price of crude oil in particular this week, raising the possibility of less growth in demand for fuel. Elsewhere on Wall Street, Bath & Body Works tumbled 12.5% despite topping expectations for revenue and profit in the latest quarter. Analysts called its forecast for results in the current quarter underwhelming.
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