NEW YORK (AP) 鈥� U.S. stocks are hanging near their records after Chinese stocks soared following a slew of moves by the Chinese central bank to prop up the world鈥檚 second-largest economy. The S&P 500 added 0.1% in early Tuesday trading, a day after setting a record for the 40th time this year. The Dow Jones Industrial Average rose 17 points and was likewise coming off a record. The Nasdaq composite gained 0.4%. Treasury yields rose ahead of a report on U.S. consumer confidence. Stocks rose around the world amid hopes that a more coordinated effort by China鈥檚 central bank to support its flagging economy will bear fruit.
THIS IS A BREAKING NEWS UPDATE. AP鈥檚 earlier story follows below.
(AP) 鈥� Wall Street was barely higher in early trading on a mostly quiet Tuesday as markets adjust to the reality that inflation is no longer the dominant theme of the U.S. economy.
Futures for the S&P 500 and the Dow Jones industrials each rose about 0.1% before the bell.
Several economic reports coming later in the week could offer more context about where the U.S. economy stands. On Thursday, the government will offer the final revision for the U.S. economy鈥檚 growth in the spring as well as its latest weekly data on layoffs. Another on Friday will give a look at how much U.S. consumers are spending.
Such reports, particularly on employment, are taking top priority on Wall Street because the main fear is now a slowdown in the job market. It鈥檚 a notable shift from prior years, when Wall Street鈥檚 attention was fixed on anything related to inflation.
But now that substantially from , the Fed has shifted gears.
It feels less need to keep rates high in order to slow the economy enough to stifle inflation, hence last week鈥檚 cut of half a percentage point to its main interest rate. And it feels more pressure to prop up the job market and overall economy, hence its plans to keep cutting interest rates this year and next.
Coming later Tuesday is the Conference Board's consumer confidence report, a closely watched index that measures the mood of the American consumer.
Shares of farming equipment Deere & Co. were down about 1% before the opening bell after former President Donald Trump threatened the company with a 200% tariff 鈥� should he win back the presidency 鈥� if it exports manufacturing to Mexico. Deere it was moving skid steer and track loader manufacturing to Mexico and working to acquire land there for a new factory. Trump, the Republican presidential nominee, made the comments at a campaign event in Pennsylvania to a group of farmers.
Visa slid more than 2% after media reports that the credit card issuer was going to be sued by the U.S. Department of Justice for penalizing customers who use other payment processors.
Boeing shares were stagnant after the aerospace giant said it made a 鈥渂est and final offer鈥� to 33,000 that includes bigger raises and larger bonuses. The workers鈥� union said the proposal isn鈥檛 good enough and there won鈥檛 be a ratification vote before Boeing鈥檚 deadline at the end of the week.
Elsewhere, Chinese markets logged the biggest gains after Beijing announced a to support the faltering economy.
Shares in Hong Kong and Shanghai jumped more than 4% and the optimism spilled into other markets.
In the broadest and most coordinated effort so far, People鈥檚 Bank of China Gov. Pan Gongsheng said the reserve requirement for banks would be cut by 0.5 percentage points and that the central bank would follow up with further cuts. That would free up more money for lending.
The central bank also will reduce interest rates on its loans to commercial banks and cut the down payment requirement on purchases of second homes to 15% from 25%.
For once, investors who showed little enthusiasm for earlier, more cautious moves, appeared impressed. Major developer Shimao Group Holdings' Hong Kong-traded shares jumped 15.1% and Longfor Group Holdings' rose 5.6%.
The Hang Seng in Hong Kong surged 4.1% to 18,985.15, while the Shanghai Composite index picked up 4.2% to 2,863.13.
Tokyo's Nikkei 225 index climbed 0.6% to 37,940.59, while the Kospi in Seoul jumped 1.1% to 2,631.68.
Australia's S&P/ASX 200 fell 0.1% to 8,142.00 after the central bank kept its benchmark rate unchanged and suggested it won't cut rates until next year.
In European trading at midday, Germany鈥檚 DAX picked up 0.6% and the CAC 40 in Paris climbed 1.3%. Britain鈥檚 FTSE 100 was up 0.2%.
In the bond market, the yield on the 10-year Treasury rose to 3.79%, up from 3.75% late Monday. The yield on the two-year Treasury, which moves more with expectations for Fed action, edged up to 3.60% from 3.59% late Friday.
In other dealings early Tuesday, U.S. benchmark crude oil added $1.63 to $72 per barrel. Brent crude, the international standard, was up $1.53 at $74.74 per barrel.
The U.S. dollar rose to 143.84 Japanese yen from 143.61 yen. The euro was trading at $1.1137, up from $1.1113.
On Monday, the S&P 500 rose 0.3% to 5,718.57, edging past its . The Dow Jones Industrial Average added 0.1% to and closed at 42,124.65. The Nasdaq composite gained 0.1% to 17,974.27.
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Elaine Kurtenbach And Matt Ott, The Associated Press
