U.S. stocks rose on Tuesday as investors continued to weigh the possibility of interest rate cuts ahead of new quarterly results.
Immediately after the opening bell, the S&P 500 (^GSPC) was up about 0.1%, and the tech-heavy Nasdaq Composite Index (^IXIC) was up about 0.2%. The Dow Jones Industrial Average (DJI), which initially started flat, rose about 0.2%.
Monday's rise in stocks disappointed those who had bet on an early rate cut as the market heeded Fed Chairman Jerome Powell's repeated warnings that the Fed would move cautiously on policy, and the rally hit a buffer. .
As we reach the midway point of the earnings season, all eyes are on whether Tuesday's corporate results will provide momentum for a recovery in stock prices.
Early on, Spotify (SPOT) stock soared in pre-market trading on strong guidance from the music streamer, while Eli Lilly (LLY) stock soared after the company's 2024 earnings forecast beat expectations did. Ford (F) is expected to report after the market closes.
At the same time, investors will be listening to see whether this week's Fed speakers line up with Mr. Powell on policy direction. Fed officials Loretta Mester and Patrick Harker are scheduled to speak on Tuesday.
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