Stocks fall on concerns about US economy and weak manufacturing data.

From Yahoo Finance: 2024-06-04 10:00:48

US stocks opened lower on Tuesday as investors assessed the strength of the US economy. The S&P 500 and Nasdaq fell, while the Dow Jones edged higher. Recent weak manufacturing data has led to concerns about economic growth, with uncertainty around interest rate cuts. April job openings data and durable goods orders are expected later in the day, ahead of the crucial May jobs report on Friday. India’s stock market saw a significant drop after exit polls raised doubts about Prime Minister Modi’s ruling party’s majority. GameStop shares also lost steam after a recent rally.

New data shows job openings fell to their lowest level since 2021 in April, with 5.6 million hires made during the month. The hiring rate remained steady at 3.6%, and the quits rate, an indicator of worker confidence, held firm at 2.2%.

Stocks opened lower on Tuesday amid concerns about the US economy and weaker manufacturing data. Energy stocks led declines as oil prices hit a four-month low. The S&P 500 and Nasdaq fell while the Dow Jones edged lower. Investors are closely watching job openings data and the upcoming May jobs report. OPEC+ plans to extend production cuts into 2025 but will phase out voluntary cuts starting in October.

Fast food stocks have been struggling due to inflation and price wars. Analysts have cut sales estimates for McDonald’s and other major chains. Goldman Sachs warned that stocks are vulnerable to disappointments. Nvidia’s CFO highlighted strong AI demand from sovereign clients in several countries. Stifel predicts a 10% correction in the S&P 500 in the second or third quarter.



Read more at Yahoo Finance: Stocks slip as US economy starts to show cracks