While stocks are regaining some ground on Tuesday following the substantial weakness seen in recent sessions, buying interest has remained subdued amid continued concerns about the economic outlook following last week's disappointing jobs data.
The major averages have pulled back well off their highs for the session in recent trading but remain in positive territory. The Dow is up 49.95 points or 0.4 percent at 12,139.91, the Nasdaq is up 7.82 points or 0.3 percent at 2,710.38 and the S&P 500 is up 5.24 points or 0.4 percent at 1,291.41.
Stocks showed a notable move to the upside earlier in the session, as traders went bargain hunting after the recent selling pressure pulled the major averages down to two-month closing lows on Monday.
However, traders seemed reluctant to make significant moves, as the much weaker than expected jobs report remained on their minds amid a lack of new economic data.
While Federal Reserve Chairman Ben Bernanke is scheduled to deliver a speech to the International Monetary Conference in Atlanta later in the day, the Fed chief is not due to speak until 3:45 pm ET.
In corporate news, shares of packaging and building products manufacturer Temple-Inland (TIN) have surged up by 40 percent on news that rival International Paper (IP) has offered to acquire the company for $30.60 per share or approximately $3.3 billion in cash.
While the offer represents a 46 percent premium to Temple-Inland's closing price on Monday, the company's board has rejected the unsolicited proposal, claiming that it grossly undervalues Temple-Inland and is not in the best interest of its stockholders.
Meanwhile, FuelCell Energy (FCEL) is trading lower after the fuel cell maker reported a second quarter adjusted loss of $0.10 per share on revenues that rose 72 percent to $28.6 million. Analysts had expected the company to report a loss of $0.12 per share on revenues of $27.92 million.
Sector News
While moderate strength remains visible in a variety of sectors, most stocks have pulled back well off their earlier highs
Real estate stocks are holding onto strong gains, however, with the Morgan Stanley REIT Index up by 1.3 percent. The gain by the index comes after it ended the previous session at its worst closing level in well over a month.
Notable strength also remains visible among steel, oil service, and retail stocks, which are regaining some ground following recent weakness.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Tuesday. While Japan's benchmark Nikkei 225 Index advanced by 0.7 percent, Hong Kong's Hang Seng Index fell by 0.4 percent.
Meanwhile, the major European markets ended the day modestly higher. While the U.K.'s FTSE 100 Index closed just above the unchanged line, the French CAC 40 Index and the German DAX Index advanced by 0.2 percent and 0.3 percent, respectively.
In the bond market, treasuries are seeing moderate weakness, pulling back further off their recent highs. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 3.8 basis points at 3.04 percent.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.