U.S. stocks edged higher on Tuesday, extending recent gains as investors focused on hopes of a potential Federal Reserve rate cut next week.
At 09:35 ET (13:35 GMT), the Dow Jones Industrial Average rose 33 points, or 0.1%. The S&P 500 gained 6 points, or 0.1%, while the NASDAQ Composite climbed 40 points, or 0.2%.
The NASDAQ closed at a fresh record high on Monday, adding to records set by the Dow and S&P 500. Optimism around Fed easing and concerns about a cooling U.S. labor market supported sentiment.
U.S. Jobs Data in Focus
The Bureau of Labor Statistics (BLS) reported that U.S. employment through March was 911,000 jobs lower than previously estimated. The revision suggests that the slowdown in the labor market may have started before President Donald Trump’s tariffs were introduced.
Economists had expected the revision to cut between 400,000 and 1 million jobs. The adjustment reflects new data on business openings and closures. A final benchmark revision will be released in February 2026.
Attention now shifts to inflation data. The Consumer Price Index (CPI) report for August is due Thursday, while Producer Price Index (PPI) figures will be released on Wednesday. Both will be key for the Fed’s policy decision.
Corporate Earnings and Market Movers
On the earnings front, Oracle (NYSE:ORCL) is set to release its quarterly results after the closing bell. Investors are watching closely for updates linked to the artificial intelligence boom.
GameStop (NYSE:GME) will also report second-quarter results after the market close, following a sharp 26% stock drop this year.
Meanwhile, Apple (NASDAQ:AAPL) will host its “Awe Dropping” fall event at Apple Park, where it is expected to unveil the iPhone 17 series, a new “Air” model, updated Apple Watches, and the latest AirPods Pro.
Other movers included Atlassian (NASDAQ:TEAM), which rose after announcing it will phase out its Data Center products over the next six years to drive cloud adoption. In contrast, Core & Main (NYSE:CNM) fell after posting weaker-than-expected results and soft guidance.
Oil Prices Gain on OPEC+ Decision
Crude oil prices moved higher after OPEC+ announced a much smaller output increase for October. At 09:35 ET, Brent crude gained 1.4% to $66.92 a barrel, while U.S. WTI crude rose 1.5% to $63.22.
The group agreed to raise production by just 137,000 barrels per day, far below earlier monthly hikes. Oil also gained support from speculation of new sanctions on Russia, after President Trump signaled readiness for a second phase of restrictions amid the war in Ukraine.
