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Job openings stand at 7.67 mln in July
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Nvidia ( NVDA ) drops after report of subpoena from US DoJ
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Dollar Tree ( DLTR ) dives after cutting annual forecasts
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Indexes: Dow up 0.23%, S&P 500 off 0.05%, Nasdaq down
0.41%
(Updated at 10:14 a.m. ET/1414 GMT)
By Johann M Cherian and Purvi Agarwal
Sept 4 (Reuters) - The Nasdaq slipped and the benchmark
S&P 500 was flat on Wednesday after a soft job openings report
fanned concerns about the health of the U.S. economy.
Data from the Bureau of Labor Statistics showed job openings
in the month of July stood at 7.673 million, lower than the 8.1
million that economists polled by Reuters were expecting.
The data comes ahead of the crucial August non-farm payrolls
numbers due on Friday, which could sway bets on the size of the
U.S. Federal Reserve's expected interest rate cut in September.
Markets now expect a 53% chance of a 25-basis point cut,
according to CME Group's FedWatch Tool, down from more than 61%
earlier in the day, while that of a 50 bps cut stands at 47%.
"(The report) will do little to allay lingering concerns
over the health of the U.S. labor market," said Michael Brown,
senior research strategist at Pepperstone.
In the previous session, Wall Street's main indexes had
logged their biggest one-day loss since early August as
investors dumped technology-related stocks in a dour start to
September.
Since 1928, the benchmark S&P 500 has recorded losses of
about 1.2% on average in the historically weak month for U.S.
equities.
The risk-off mood was exacerbated by data in Tuesday that
showed manufacturing activity shrank, nearly a month after signs
of softening labor demand sparked a global market rout.
The Fed's survey, known as the "Beige Book", is also
expected on Wednesday.
At 10:14 a.m. the Dow Jones Industrial Average rose
95.23 points, or 0.23%, to 41,032.16, the S&P 500 lost
3.01 points, or 0.05%, to 5,525.92, and the Nasdaq Composite
lost 70.24 points, or 0.41%, to 17,066.06.
Nine of the 11 S&P 500 sectors were up, led by utilities
which were up 1.2%.
A rise in financial stocks such as Goldman Sachs ( GS ) and
Travelers helped keep the blue-chip Dow above water.
The Philadelphia SE Semiconductor index edged higher
after notching its biggest one-day drop since the COVID-19
pandemic in the previous session.
Nvidia ( NVDA ) fell 0.8% after a report said the U.S.
Department of Justice sent a subpoena to the AI chip firm as it
deepens its probe into the company's antitrust practices.
Other growth stocks such as Apple ( AAPL ) slipped 2%,
Amazon.com ( AMZN ) lost 1.2% and Microsoft ( MSFT ) fell 0.7%.
Zscaler ( ZS ) forecast fiscal 2025 revenue and profit below
estimates, sending its shares down 17.2%, while Dollar Tree ( DLTR )
slumped 18.6% after the discount store operator trimmed
its annual sales and profit forecasts.
Advancing issues outnumbered decliners for a 1.5-to-1 ratio
on the NYSE and a 1.13-to-1 ratio on the Nasdaq.
The S&P 500 posted 67 new 52-week highs and six new lows,
while the Nasdaq Composite recorded 24 new highs and 99 new
lows.