WASHINGTON (dpa-AFX) - Stocks have moved mostly higher during trading on Tuesday, extending the upward move seen over the course of the previous session. The major averages have all moved to the upside, with the tech-heavy Nasdaq leading the charge.
Currently, the major averages are just off their highs of the session. The Nasdaq is up 141.16 points or 0.7 percent at 19,383.77, the S&P 500 is up 22.63 points or 0.4 percent at 5,958.57 and the Dow is up 86.04 points or 0.2 percent at 42,391.52.
The strength that has emerged on Wall Street comes following the release of a Labor Department report showing an unexpected increase by job openings in the U.S. in the month of April.
The Labor Department said job openings climbed to 7.391 million in April from an upwardly revised 7.200 million in March.
Economists had expected job openings to decrease to 7.100 million from the 7.192 million originally reported for the previous month.
The unexpected rebound by job openings partly reflected increases in job openings in the arts, entertainment, and recreation and mining and logging sectors.
Buying interest remains somewhat subdued, however, as traders await further developments on the trade front a month ahead of the expiration of President Donald Trump's 90-day tariff pause.
While tensions between the U.S. and China have seemingly risen in recent days, traders appear to remain generally optimistic about trade deals being reached.
'The 90-day pause on tariffs has just over a month before expiration, meaning the pressure is on countries to do deals with the Trump administration,' said Russ Mould, investment director at AJ Bell.
He added, 'Reports suggest that Trump wants best offers on trade negotiations by Wednesday, perhaps to avoid any last-minute rush or stalemate situations.'
Meanwhile, the Organization for Economic Co-operation and Development has lowered its global growth forecast for 2025 to 2.9 percent from 3.1 percent.
The Paris-based firm said the outlook across the globe has become challenging due to rising trade barriers and policy uncertainty, which is weighing on consumer confidence and blocking investments.
Sector News
Oil service stocks are turning in some of the market's best performances on the day, resulting in a 3.9 percent spike by the Philadelphia Oil Service Index.
The rally by oil service stocks comes amid another sharp increase by the price of crude oil, with crude for July delivery jumping $1.31 or 2.1 percent to $63.83 a barrel.
Substantial strength is also visible among semiconductor stocks, as reflected by the 2.2 percent surge by the Philadelphia Semiconductor Index.
Computer hardware and networking stocks are also seeing notable strength, contributing to the advance by the tech-heavy Nasdaq, while gold stocks are giving back ground along with the price of the precious metal.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Tuesday. Japan's Nikkei 225 Index edged down by 0.1 percent, while China's Shanghai Composite Index rose by 0.4 percent.
Meanwhile, the major European markets have all moved to the upside over the course of the day. While the German DAX Index is up by 0.4 percent, the French CAC 40 Index is up by 0.1 percent and the U.K.'s FTSE 100 Index is just above the unchanged line.
In the bond market, treasuries are seeing modest strength after coming under pressure in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.6 basis points at 4.446 percent.
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