The Dow Jones Industrial Average was up 337.12 points, or 1.07%, to 31,836.74, the S&P 500 was up 61.77, or 1.63%, to 3,859.11, and the Nasdaq was up 246.50, or 2.25%, to 11,199.12.
The Dow jumped more than 400 points on Monday (Oct. 24) as investors eased concerns about accelerating Federal Reserve interest rate hikes following reports of slowing US trade activity.
This was revealed by S&P Global The Purchasing Managers Index (PMI) combines the main US manufacturing and services sectors. The PMI fell to 47.3 in October, a two-month low since 49.5 in September, and was under pressure from a contraction in new orders and jobs. Business confidence has fallen to its lowest level in the last two years.
The PMI remains below 50, indicating that US firms are contracting. and it is the contraction of the 4th consecutive month
This week, investors are watching the results of big tech companies, including Apple, Alphabet, Amazon, Microsoft and Meta Platforms, as well as the release of the Personal Consumption Expenditure (PCE) Friday price indices, the Fed’s preferred inflation indicator. .
Meanwhile, markets are considering releasing third-quarter gross domestic product (GDP) data for the US on Thursday.
The Atlanta Fed revealed that its latest GDPNow forecasting model shows the US economy grew 2.9% in the third quarter.
The Atlanta Fed will report the new GDPNow forecast on October 26, before the U.S. Department of Commerce releases third-quarter GDP data on October 27.
Previously, the US Department of Commerce said the US economy contracted 1.6% in the first quarter and 0.6% in the second quarter. put the United States in a technical recession.
The disclosure of US economic numbers today. S&P CoreLogic Case-Shiller polls show US house prices slowed in August.
The National Home Price Index in the United States rose 13% in August year-on-year. but less than 15.6% in July
The home price index in 20 US cities rose 13.1% after a 16% jump in July.
Home prices have risen the most in Miami, Tampa and Charlotte.
The house price index slowed. It was affected by the increase in mortgage interest rates.
