05:13 PM EDT, 09/09/2025 (MT Newswires) -- Wall Street's main equity indexes reached fresh all-time highs on Tuesday as a downward revision to jobs growth cemented expectations for a series of interest rate cuts.

The Dow Jones Industrial Average and the Nasdaq Composite rose 0.4% each to record closing levels of 45,711.3 and 21,879.5, respectively. The S&P 500 added 0.3% to 6,512.6, its highest finish ever.

Most sectors ended higher, led by communication services, while materials saw the biggest decline.

The US Bureau of Labor Statistics said Tuesday that nonfarm payrolls growth was 911,000 lower than previously reported for the year through March.

"These revisions suggest that jobs momentum is being lost from an even weaker position than originally thought," James Knightley, ING chief international economist in New York, said in report. "It also reinforces the belief that even the poor numbers seen in 2025 are probably overstating the health of the employment market."

The latest BLS data indicate the US economy is "weakening," CNBC reported, citing JPMorgan Chase ( JPM ) Chief Executive Jamie Dimon. "Whether that is on the way to recession or just weakening, I don't know."

On Friday, the BLS reported that total nonfarm payrolls rose by 22,000 last month, well below the 75,000 increase that Wall Street had expected.

The official producer price report will be released Wednesday, followed by consumer inflation data on Thursday. The consumer price index is expected to have increased 0.3% sequentially and 2.9% annually last month, according to a Bloomberg-compiled consensus.

"So even if we get an upside surprise to US inflation on Thursday, the Federal Reserve will very likely be cutting interest rates next week and follow up with (25-basis-point) moves in October and December," ING's Knightley said.

Markets are currently pricing in a 92% probability that the Federal Open Market Committee will reduce its benchmark lending rate by a quarter percentage point on Sept. 17, with the remaining odds in favor of a 50-basis-point cut, according to the CME FedWatch tool.

A "benign" CPI reading is likely to raise expectations for a 50-basis-point rate cut next week, Saxo Bank said in a Tuesday report.

US Treasury yields were higher, with the two-year rate rising 5.9 basis points to 3.56% and the 10-year rate gaining 4.1 basis points to 4.08%.

Gold futures were down 0.2% at $3,670.10 per troy ounce in Tuesday late-afternoon trade, retreating from an all-time peak earlier in the session. Silver fell 1.3% at $41.37 per ounce.

West Texas Intermediate crude oil was up 0.7% at $62.67 a barrel.

Israel on Tuesday attacked senior Hamas officials in Doha, Qatar, CNBC reported.

"Oil extended gains, supported by the latest oil output hike from (the Organization of the Petroleum Exporting Countries and its allies) being smaller than anticipated, expectations that China will continue stockpiling oil, and concerns over potential new sanctions on Russia," D.A. Davidson said in a note emailed Tuesday morning.

In company news, UnitedHealth ( UNH ) shares jumped 8.6%, the top gainer on the Dow and the S&P 500. The health insurance giant said that interim data suggest about 78% of its membership is in 4-star or higher plans, consistent with expectations and past performance.

Nebius Group's ( NBIS ) US-listed shares surged 49%. The Dutch tech firm's multi-billion dollar artificial intelligence infrastructure deal with Microsoft ( MSFT ) announced late Monday signals robust momentum across the sector and bodes well for companies with direct exposure to graphics processing unit cloud services, B. Riley Securities said Tuesday.

Microsoft ( MSFT ) shares were little changed.

Core & Main ( CNM ) shares sank 25% after the water, sewer and fire protection product distributor lowered the top end of its full-year sales outlook amid higher operating costs and weak residential demand. The company's fiscal second-quarter revenue fell short of market expectations.

SailPoint ( SAIL ) issued a fiscal third-quarter revenue outlook that fell short of the Street's estimates. The security software company's shares slumped 7.7%.