Stocks post 9-day gain as investors brace for key jobs report

• The stock market’s eight-day winning streak was snapped on Tuesday.

• This week’s jobs data and Fed comments are the next potential catalysts for further gains.

• Fed Chairman Jerome Powell is scheduled to speak on Friday.

U.S. stocks traded lower on Tuesday, ending the S&P 500’s longest winning streak this year.

While the benchmark index had gained for eight straight days heading into Monday’s trading session, the momentum dissipated on Tuesday as investors awaited comments from the central bank to help fuel the rally.

Another market development could come on Wednesday, when the Bureau of Labor Statistics releases revised nonfarm payrolls data from April 2023 to March 2024. A major downward revision could pressure the Federal Reserve to pursue deeper rate cuts interest rates, overturning market expectations.

“Markets, which recently experienced a growth scare that led to concerns that the Fed is behind the curve, will monitor Wednesday’s release of the benchmark review to see if the market’s initial reaction was, in fact, correct.” , said Quincy Krosby, LPL financial strategist. said.

As of Tuesday, futures markets indicated a 69.5% chance of a 25 basis point rate cut in September. 30.5% expect a 50 basis point cut, CME FedWatch Tool data showed.

Later this week, investors will also be watching the central bank’s Jackson Hole Symposium, where Fed Chairman Jerome Powell is scheduled to speak.

Among individual stocks, Palo Alto Networks rose more than 8% on Tuesday on the expected results. The fiscal fourth quarter beat prompted Wedbush Securities to raise its price target on the stock to $400.

Here’s where US indices stood at the closing bell at 4pm on Tuesday:

Here’s what’s happening today:

In commodities, bonds and crypto:

• West Texas Intermediate crude fell 1.44 percent to $73.3 a barrel. Brent crude, the international benchmark, fell 0.59% to $77.2 a barrel.

• Gold rose 0.35% to $2,512.95 an ounce.

• The 10-year Treasury yield fell four basis points to 3.818%.

• Bitcoin rose 0.32% to $59,279.

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