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Stock market today: Wall Street quiet ahead of consumer, labour reports

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Wall Street was quiet early Tuesday ahead of some potentially market-moving jobs data and a survey reflecting consumers' feelings about the economy.

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Also Tuesday, the government will issue its July report on job openings, with its broader jobs report for August coming on Friday. The job market is being closely watched because it has remained strong amid high inflation. Part of the Fed's goal in its interest rate raising campaign was to cool -- or "loosen" -- the labour market, but so far that hasn't happened.

Wall Street is betting that the Fed will hold rates steady again at its September meeting, according to CME's FedWatch tool. Bets are nearly evenly split, though, on whether it will raise rates one more time before 2023 closes. Markets are hoping to scratch out more gains before the end of the month after rebounding last week for their first winning week in what's been a brutal August for stocks in an otherwise gangbuster year.

U.S. Commerce Secretary Gina Raimondo said she and her Chinese counterpart agreed Monday to exchange information on U.S. export controls and set up a group to discuss other commercial issues. That signals possible hopes about bilateral communication, but various conflicts remain, including over technology, security and human rights.

 

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