US STOCKS-Trading mixed after job openings hint at cooling economy
By Noel Randewich and Amruta Khandekar
Dec 5 (Reuters) – Wall Street was mixed on Tuesday, with the Nasdaq gaining and the S&P 500 dipping after fresh employment data bolstered bets that the Federal Reserve will cut interest rates as soon as March.
Data showed U.S. job openings dropped in October to the lowest level since early 2021, indicating that the labor market was easing, while U.S. services sector activity picked up in November.
On Friday, the more comprehensive non-farm payrolls report for November will offer greater clarity on the state of the labor market.
Megacap stocks rose as Treasury yields dipped to multi-month lows. Nvidia NVDA.O, Amazon.com AMZN.O, Tesla TSLA.O and Apple AAPL.O rose more than 1%.
Global markets will be swayed by greater volatility in 2024 as the Fed cuts benchmark interest rates fewer times than futures markets are pricing in, strategists at the BlackRock Investment Institute predicted in a panel discussion. The S&P 500 was down 0.12% at 4,564.31 points.
The Nasdaq gained 0.12% to 14,202.26 points, while the Dow Jones Industrial Average was down 0.24% at 36,117.78 points.
Of the 11 S&P 500 sector indexes, nine declined, led lower by materials .SPLRCM, down 1.18%, followed by a 1.04% loss in energy .SPNY.
The small-cap Russell 2000 index .RUT fell 1.2%, on track to end a four-day winning streak.
Take-Two Interactive SoftwareTTWO.O fell 1.6% after a trailer of the latest installment of its best-selling “Grand Theft Auto” videogame franchise was released.
CVS HealthCVS.N jumped 4.3% after forecasting 2024 revenue above Wall Street estimates, as the insurer expects to benefit from its expansion into health services.
The S&P 500 posted 14 new highs and no new lows; the Nasdaq recorded 72 new highs and 55 new lows.
S&P 500 components so far in 2023 https://tmsnrt.rs/3uP5FRO
(Reporting by Amruta Khandekar and Shristi Achar A in Bangalore and by Noel Randewich in Oakland, Calif.; Editing by Pooja Desai and Aurora Ellis)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Original: NVDA Feed: US STOCKS-Trading mixed after job openings hint at cooling economy