Wall Street rallied for a second straight day on Tuesday after a weaker-than-expected report on the labor market lifted investor hopes that the Federal Reserve might temper its aggressive stance on raising interest rates
Rivian gains on reaffirming FY deliveries view; peers gainDow closes up 2.80%, S&P 3.06%, Nasdaq 3.34%posted its biggest single-day rally in two years on Tuesday after softer U.S. economic data and Australia's smaller-than-expected interest rate hike stirred hope for less aggressive tightening by the Federal Reserve.
While labor demand remains fairly strong, U.S. job openings fell by the most in nearly 2-1/2 years in August in a sign the Fed's mission to tame inflation by hiking rates was working to slow the economy.Earlier, the Reserve Bank of Australia surprised markets with a smaller-than-expected interest rate hike of 25 basis points. Its cash rate rose to a nine-year peak after six rate hikes in as many months in a tightening cycle other central banks are engaged in as well.
"There's hope that the Federal Reserve at some point in the fourth quarter will say the same thing. Not stop raising interest rates, but just slow the pace," he said. "That's what the market's kind of rallying on below the surface." Still, Fed Governor Philip Jefferson said inflation is the most serious problem facing the U.S. central bank and it "may take some time" to address. San Francisco Fed President Mary Daly said the central bank needs to deliver more rate hikes.Rate-sensitive tech stocks rose as yields on the benchmark 10-year Treasury fell for a second day in a row after the jobs data and RBA's surprise move. Valuations on tech and other growth stocks fall when their cost of capital rises.
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