On Tuesday, the S&P 500 Index closed up 0.58%, reaching a three-month high, while the Dow Jones Industrials and Nasdaq 100 gained 0.51% and 0.79%, respectively. This upward momentum followed a report showing a surprising increase in U.S. job openings for April, which rose by 191,000 to 7.391 million, exceeding expectations of a decline to 7.100 million.
In contrast, U.S. factory orders for April saw a significant drop of 3.7%, the largest decline in 15 months, and the OECD reduced its global GDP forecast for 2025 from 3.1% to 2.9%. Additionally, weak manufacturing activity in China contributed to global growth concerns, evidenced by a decline in China’s Caixin manufacturing PMI to 48.3. Market sentiment remains cautious with low expectations for a 25 basis point rate cut at the upcoming Federal Open Market Committee meeting.
