Stocks climbed higher Tuesday as investors rotated back into popular tech names heading towards the end of a volatile month on Wall Street. The Dow Jones Industrial Average climbed nearly 300 points, while the S&P 500 and Nasdaq Composite added about 1.5% and 1.7%, respectively.
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Driving stocks higher, the number of open job positions fell to 8.8 million in July from the previous month's print of 9.5 million, the Bureau of Labor Statistics reported Tuesday, brining the data to a 28-month low. Market participants saw the report as a positive sign that the labor market is cooling in response to the Federal Reserve's hawkish monetary policy.
That optimism boosted growth tech stocks like Nvidia
Separately, consumer confidence dipped in August, according to the Conference Board's Consumer Confidence Index. The index's August reading came in at 106.1, marking a sharp pullback from July's revised print of 114 and falling below economists expectations for the month. Conference Board Chief Economist Dana Peterson also noted that August's losses also erased two months of gains.
"August's disappointing headline number reflected dips in both the current conditions and expectations indexes," Peterson said in a statement. "Write-in responses showed that consumers were once again preoccupied with rising prices in general, and for groceries and gasoline in particular."
On the earnings front, retailer Best Buy
"Next year the consumer electronics industry should see stabilization and possibly growth driven by the natural upgrade and replacement cycles and the normalization of tech innovation," Barry said in a release statement.
Electric carmaker Nio
In single-stock news, Citi analyst Michael Rollins upgraded both AT&T
"A variety of concerns have weighed on Telco sentiment and valuation, including competition, industry structure, higher rates and lead. We see a more constructive investment case for large-cap Telcos," Analyst Michael Rollins wrote in a note on Monday. "The wireless competitive environment is showing positive signs of stabilization that should help operating performance."
Apple announced the date of its September launch event on Tuesday, where the tech giant is expected to announced the iPhone 15 and new Apple Watches, as Sept. 15. The new iPhone is rumored to use a USB-C charging port and some of the new devices could be made of titanium, according to reports.
For Wednesday, traders will respond to earnings reports from Salesforce