Nasdaq ticks up on hopes of less aggressive rate hikes after weak PMI data

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 22, 2022. REUTERS/Brendan McDermid

U.S. composite PMI at lowest since February 2021
Zoom tumbles on weak forecast
Macy’s shares rise on earnings beat
Indexes mixed: Dow off 0.31%, S&P flat, Nasdaq rises 0.22%

Aug 23 (Reuters) – The tech-heavy Nasdaq edged higher in choppy trading on Tuesday supported by megacap growth stocks on cautious hopes that the Federal Reserve will not be as aggressive in raising rates following weak U.S. business activity data.

Private-sector business activity in the United States contracted for a second straight month in August, with particular softness in the services sector as demand weakened in the face of inflation and tighter financial conditions. read more

The S&P Global flash composite purchasing managers index (PMI) for August dropped to 45 this…