US equities edge higher, markets eye economic cues

US stocks edged up in last session amid a plethora of economic cues. Weak crude oil prices supported the sentiments and the three major US. stock indices rose, driven by a rebound in semiconductor stocks and a decline in US. Treasury yields. The Dow Jones Industrial Average closed at 53,577.40, up 160.24 points or 0.30% on the day. The S&P 500 rose 24.40 points or 0.32% to 7,677.28, while the tech-heavy Nasdaq Composite soared 171.11 points or 0.66% to close at 26,151.30. Investors are closely monitoring the release of the US July PCE price index.

The PCE price index is a key inflation gauge referenced by the U.S. Federal Reserve when determining monetary policy. Kevin Warsh, the Federal Reserve Chair’s speech at the Jackson Hole annual symposium later this week is also keenly eyed by market participants.
The United States added an average of 11,750 jobs per week in the four weeks ending August 8, according to a report posted by Automatic Data Processing Inc. (ADP) on Tuesday. ADP shared that this was the second straight week of hiring increasing. The previous week's average came in at 9,500. The company further mentioned that, as the results are preliminary, they could change.

However, consumer confidence in the US dipped in August, with the Conference Board Consumer Confidence Index falling to 89.4 from 90.8 in the previous month. The Expectations Index, based on consumers' short-term outlook for income, business and labour market conditions, retreated by 5.8 points to 68.2, while the Present Situation Index went up 6.8 points to reach 121.2, ending a three-month-long decline.

WTI Crude oil prices extended losses and neared $80 per barrel mark, testing around two-week low as markets eyed a possible reopening of the Strait of Hormuz following renewed Iran-Oman talks.

Powered by Capital Market - Live News