Indexes Approach Highs on Second Day of H2 | Wall Street Today

There were 7100 advancers and 4500 decliners on the market overall.

Tuesday morning, Fed President Jerome Powell spoke at the ECB conference, saying there was progress on inflation, and disinflation was back on the menu. He gave no comment on whether he was a one-cut dot plot point or a two-cut dot.

"We want to be more confident that inflation is moving sustainably down...before we start loosening policy," he said. Officials want to ensure "that the levels we're seeing are a true reading on what is actually happening with underlying inflation."

He also said his largest worry for the economy was cyber security; he worries that a successful cyber attack on central banks could damage the economy.

Monday, the S&P Global US manufacturing index for June was revised down to 51.6 from the flash reading of 51.7, compared with expectations for no revision in a survey compiled by Bloomberg as of 7:50 am ET. ISM Manufacturing's PMI for June came in at 48.5 vs. 49.2 estimated on Monday.

Wall Street will likely closely watch the U.S. government’s June employment report before the bell on Friday. Wall Street will want to gauge how many jobs the U.S. economy created in June, with a weaker, less-inflationary number possibly pointing toward future Federal Reserve rate cuts.

Oil is experiencing its fourth consecutive week of gains, driven by seasonal demand and record-breaking U.S. travel for the Fourth of July holiday. The American Automobile Association (AAA) projects 70.9 million travelers will journey 50 miles or more during Independence Day week, a 5% increase over 2023 and 8% over 2019. Additionally, crude has faced supply issues related to geopolitical tensions in the Middle East and disruptions from hurricanes in the Caribbean.