- The Dow, S&P 500, and Nasdaq all rose on Tuesday, putting them on track to close at fresh all-time highs.
- The US Stock market is basking in risk-on sentiment derived from reports that Trump will begin unraveling tariffs on Chinese imports.
- Recession hawks are circling ahead of one pivotal data release that measures the health of a broad swath of the economy.
The Dow sauntered even further into record territory on Tuesday, reacting positively to a report that the US may roll back a series of tariffs on Chinese goods as part of a limited trade agreement.
However, Tuesday’s rally faces one major threat: a crucial data release that could signal whether the US economy has embarked on a course toward an imminent recession.
Dow, S&P 500, and Nasdaq All Ratchet Higher
Investor optimism launched Wall Street’s major indices toward solid gains. The Dow Jones Industrial Average popped as high as 27,524.96, and it currently stands at 27,492.11 for a gain of 30 points or 0.11%.
The Dow popped toward an all-time high for a second straight day. | Source: Yahoo Finance
The S&P 500 climbed 1.34 points or 0.04% to 3,079.61, while the Nasdaq ticked 8.06 points or 0.1% higher to 8,441.26.
After holding firm on Monday, the gold price slid by 1.23% this morning. At last check, the yellow metal was trading at $1,492.50 – below the psychologically important $1,500 level.
Vital Economic Data Release Drops on Tuesday
Tuesday’s Dow Jones rally faces a substantial test at 11 am ET, which is when ISM publishes its October Non-Manufacturing PMI report. This data release gauges the health of the US services sector, which accounts for around four-fifths of the overall US economy.