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The US stock market opened with declines on Tuesday as investors balanced concerns about America’s economic health with reactions to Monday’s ISM manufacturing report, which indicated a slowdown in manufacturing activity.
A week full of crucial economic data is ahead, Tuesday’s data showed that job openings declined faster than expected.
The market reacted positively and recovered some of its losses as traders price in a more probable chance of a Federal Reserve rate cut in September.
Furthermore, Friday’s payroll numbers are highly anticipated, as they will provide key insights into the outlook for the world’s largest economy and the trajectory of interest rates. If the job market presents signals of cooling down, expectations of interest rate cuts could strengthen, supporting the stock market in the process.
In terms of sector performance, the energy sector lagged significantly yesterday. Shares of major oil companies like Exxon Mobil and Chevron fell as concerns over demand pressures weighed on crude prices.
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