Stock indexes closed mixed on Tuesday, with the S&P 500 down -0.09%, Dow Jones down -0.38%, and Nasdaq up +0.16%. December E-mini S&P futures fell -0.12% while Nasdaq futures rose +0.10%. Bond yields climbed after Oct JOLTS report showed job openings at a 5-month high, impacting Fed easing expectations. 10-year T-note yield rose +2 bp to 4.18%.

US Oct JOLTS job openings unexpectedly rose to 7.670 million, higher than estimates. Sep leading indicators fell -0.3% m/m. Markets await Q3 employment cost index and a -25 bp rate cut by the Fed. Q3 earnings season sees 83% of S&P 500 companies exceeding forecasts, with earnings up +14.6%.

Overseas markets closed mixed, with Euro Stoxx 50 down -0.13%, China’s Shanghai Composite down -0.37%, and Japan’s Nikkei up +0.14%. 10-year T-note yield rose to 4.182% on higher job openings. European bond yields fell, German trade data weaker than expected. Swaps anticipate a 1% chance of a rate cut by the ECB in December.

Stock movers included Toll Brothers, Lennar, and D R Horton closing down due to lower forecasts. Cryptocurrency-exposed stocks rose, with Galaxy Digital up +12% after an outperform recommendation. Silver mining stocks surged as COMEX silver hit a new high. SLM Corp and Graphic Packaging Holding saw declines.

AutoZone, O’Reilly Automotive, and Caleres closed down after earnings reports. JPMorgan Chase leads Dow losers with higher spending forecast. Ares Management surged after S&P announcement. KeyCorp, CVS Health, and Core & Main Inc saw gains. Exxon Mobil expects significant cash flow growth by 2030.

Otis Worldwide and Viking Holdings Ltd rose, while earnings reports for 12/10 include Adobe, Chewy, Nordson Corp, Oracle, Synopsys, and Vail Resorts. Rich Asplund did not hold positions in securities mentioned. The author’s views are independent of Nasdaq, Inc.

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