Wall Street Today | Market Reverses, and Indexes Hit Fresh Highs

The market climbed on Tuesday. After a down start to the trading session, the market direction reversed. The S&P 500 and Dow Jones hit fresh trading highs and closing highs yet again.

Consumer sentiment took a sharp downturn in September with its largest drop in over three years, according to Tuesday's report by the Conference Board. The consumer confidence index dropped to 98.7 from 105.6 in August, a decline not seen since August 2021 and one that came in below the Dow Jones consensus forecast of 104.

During the month, every component in the board's assessment declined with the greatest drop among individuals aged 35-54 with incomes below $50,000.

Federal Reserve governor Michelle Bowman talked Tuesday speaking at a convention for the Kentucky Bankers Association in Hot Springs, Va., about her decision to dissent from last week's jumbo rate cut. She said a 50 basis point cut worried her; she thought it would signal economic weakness.

Within industries tracked by moomoo, Chinese stocks soared on Tuesday following a reserve requirement cut from the central bank that announced cuts to the reserve requirement ratio for banks and the seven-day repo rate after lowering the 14-day reverse repo rate Monday. 50-basis-point cut to the bank's reserve requirement ratio, reducing it from 10.0% to 9.5% for commercial banks. This cut is set to inject approximately 1 trillion yuan ($140 billion) of liquidity into the banking system.