Stock rose Tuesday as traders aimed to start the holiday-shortened week on a strong note.
The Dow Jones Industrial Average gained 19 points, or 0.06%. The S&P 500 and Nasdaq Composite rose 0.11% and 0.005% respectively. U.S. markets were closed Monday due to the Labor Day holiday.
CVS Health said Monday it’s buying Signify Health for roughly $8 billion, while Volkswagen shared its plan to float Porsche for an initial public offering.
On Friday, the major averages closed out their third negative week in a row. The Nasdaq Composite posted its first six-day losing streak since 2019, ending the session 1.3% lower, while the Dow erased a 370-point gain on Friday to close about 1.1% lower. The S&P shed 1.1% to its lowest close since July.
In the holiday-shortened week, investors are looking ahead to speeches from Federal Reserve presidents and a fresh rate hike decision from the European Central bank due out later this week. August PMI services and ISM services data are slated for Tuesday, giving more important information about the state of the U.S. economy.
“Bulls hoping for a rebound will be doing so during a shortened Labor Day week that historically has paralleled September and its track record of underperformance: Losses have been slightly less frequent over the past three decades, but volatility has been higher,” said Chris Larkin, managing director of trading for E*Trade from Morgan Stanley.
