Stocks rose Tuesday as Wall Street sought stability after another down day for stocks.
The Dow Jones Industrial Average traded 88 points higher, or 0.3%. The S&P 500 advanced 0.3%, and the Nasdaq Composite added 0.6%.
The moves in futures comes as energy prices eased. West Texas Intermediate futures, the U.S. oil benchmark, fell more than 3.5%. Natural gas futures also dipped.
The market has given back some of its summer gains after recent comments by Federal Reserve officials made clear that the central bank aims to continue its rate hikes, even if they cause economic pain.
“Investors are coming to terms with the idea that the Fed is serious about curbing inflation, even as recent data suggests inflation is starting to decline,” said Rod von Lipsey, managing director at UBS Private Wealth Management.
“We believe the market’s summer rally was ephemeral and continue to recommend that investors remain selective and focus on defensive stock sectors like health care and dividend-paying stocks,” von Lipsey added.
On Tuesday, investors will get several updates on the state of the economy, including the FHFA home price index for June, the Conference Board’s consumer confidence survey for August, and the Bureau of Labor Statistics’ job openings release for July.
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