Indexes advanced late Tuesday for the second day of the second half.  Just after the close, the $S&P 500 Index (.SPX.US)$ climbed 0.62%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.41%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.84%.

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.

Friday, Wall Street is likely to closely watch the U.S. government’s June employment report before the bell. 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.

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