US equities rise on US Fed interest rate cut optimism; Boeing jumps

US stocks closed higher to record their sixth gain in seven sessions in muted trading on Tuesday, buoyed by gains in technology shares as expectations the US Federal Reserve will cut interest rates next week remain elevated.

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Equities declined on Monday amid soft data on the manufacturing sector, a jump in US Treasury yields as Japanese bond yields surged, and a drop in bitcoin and crypto-related stocks.

But with a dearth of economic data for the session, the rise in bond yields eased and bitcoin rebounded, which enabled stocks to recover somewhat as the focus shifted to the Fed.

“It’s possible that both of those things are adding a little bit of volatility to the market at a time when there's kind of a catalyst vacuum until the Fed,” said Ross Mayfield, investment strategist at Baird in Louisville, Kentucky.

“On the flip side, it seems like largely you can take away positive consumer read-throughs on some of these Black Friday, Cyber Monday, data points. I’m more content or happier to see the strength in the consumer versus some of these things happening under the surface with yields and bitcoin. Those are things that will pass.”