A sudden flurry of positive business news — and not-so-good economic data — is giving stocks a last hurrah as they try to overcome the doldrums of August.
couldn't. It seemed investors were waiting for signs that Nvidia's sales could be sustained in the long-term before piling back in — and pile back in they did.
Meanwhile, cryptocurrency got a boost from the U.S. Court of Appeals for the D.C. Circuit, which ruled against the SEC's denial of Grayscale's bitcoin ETF."The Commission failed to adequately explain why it approved the listing of two bitcoin futures ETPs but not Grayscale's proposed bitcoin ETP," the court said, referring to exchange-traded products.
On the other side of the coin, economic data released Tuesday doesn't look so hot. The Conference Board's Consumer Confidence Index came in at 106.1 for August, markedly lower than the forecast of 116."Write-in responses showed that consumers were once again preoccupied with rising prices in general, and for groceries and gasoline in particular," said Dana Peterson, chief economist at The Conference Board.
Consumers could also be concerned about the cooling labor market. Job openings in July fell from 9.5 million a month prior to 8.8 million, the lowest level since March 2021. But that's still around 1.5 openings per unemployed person, so the figure isn't really cool, but a nice Goldilocks temperature.
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