Stocks mixed as S&P 500 slightly up, Dow Jones down; US labor market weak

From Nasdaq: 2024-09-05 11:40:32

Stocks were mixed today with the S&P 500 up +0.11% and the Dow Jones down -0.33%. Signs of weakness in the US labor market impacted stock performance. The August ADP employment change showed the smallest increase in 3-1/2 years at +99,000. US weekly initial unemployment claims fell to 227,000.

US 10-year T-note yield fell to a 1-month low at 3.729% due to weak labor market data. T-note prices rose on an upward revision to Q2 nonfarm productivity and a downward revision to Q2 unit labor costs. Inflation expectations also declined, pushing T-note prices higher.

European government bond yields are lower today. The 10-year German bund yield fell to 2.195%, while the 10-year UK gilt yield is at 3.901%. Eurozone July retail sales rose +0.1% m/m, and Germany’s factory orders unexpectedly rose by +2.9% m/m.

Stock movers include Copart (CPRT) down -7%, Hewlett Packard Enterprise (HPE) down -7%, and Old Dominion Freight Line (ODFL) down -6%. Meanwhile, MarketAxess (MKTX) is up +4%, Tesla (TSLA) is up +4%, and Amazon.com (AMZN) is up +2%. Airline stocks like American Airlines Group (AAL) rose on lower jet fuel costs.



Read more at Nasdaq: Stocks Mixed on Lower Bond Yields and US Labor Market Weakness