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US job openings fall to lowest in more than three years

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Axos Financial ( AX ) drops after Hindenburg Research shorts

stock

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Bath & Body Works ( BBWI ) falls on profit forecast revision

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Indexes up: Dow 0.38%, S&P 0.07%, Nasdaq 0.08%

(Updates to 2:18 p.m. EDT)

By Chibuike Oguh

NEW YORK, June 4 (Reuters) - U.S. stocks rose in choppy

trading on Tuesday following softer-than-expected labor market

data that reaffirmed expectations of an interest rate cut by the

Federal Reserve.

Data on Tuesday showed that U.S. job openings fell to their

lowest level in more than three years in April, signaling an

easing in labor market tightness that supported a Fed rate cut

this year. The U.S. Treasury yields slipped following the

report.

Wall Street's main indexes were gaining ground after paring

earlier loses. Equities in real estate and consumer

staples sectors were advancing ahead of others, while

materials and energy stocks were the biggest

losers.

The labor market data was the latest in a string of recent

reports that pointed to cooling U.S. economic growth. Data on

Monday had showed that U.S. manufacturing activity had slowed

for the second straight month in May.

"What we've seen in the data so far this week is that it's

been relatively weak, starting with manufacturing PMI and job

openings today," said James St. Aubin, chief investment officer

at Sierra Mutual Funds in California.

"That has had a total effect of helping the rally in the

bond market; but for the stock market, it's a double-edged sword

because they're looking for a rate cut announcement, which has a

rising probability with weaker data," St. Aubin added.

Market expectations for a September rate reduction now stand

around 65%, versus below 50% last week, according to the CME's

FedWatch tool. The closely watched non-farm payrolls data for

May is due on Friday.

At 2:18 p.m. EDT, the Dow Jones Industrial Average

rose 144.75 points, or 0.38%, to 38,715.78, the S&P 500

gained 3.70 points, or 0.07%, to 5,287.10 and the Nasdaq

Composite gained 12.12 points, or 0.08%, to 16,842.08.

Megacap technology stocks, including Amazon.com ( AMZN ),

Meta Platforms ( META ) and Microsoft ( MSFT ), were trading

higher after losing ground early in the session.

Oil giants Exxon Mobil ( XOM ) and Chevron ( CVX ) were down

1.8% and 0.9%, respectively, as demand concerns weighed on

crude prices.

Bath & Body Works ( BBWI ) slumped 12.5% after a lower

revision to its quarterly profit forecast. Axos Financial ( AX )

dropped 7.2% after Hindenburg Research disclosed a short

position in the lender.

Paramount Global ( PARAA ) fell 4% after the media

conglomerate said it was exploring strategic options or a joint

venture for its Paramount+ streaming service.

Declining issues outnumbered advancers by a 1.4-to-1 ratio

on the NYSE. On the Nasdaq, 1,467 stocks rose and 2,653 fell as

declining issues outnumbered advancers by a 1.81-to-1 ratio.

The S&P 500 posted 16 new 52-week highs and 6 new lows while

the Nasdaq Composite recorded 30 new highs and 120 new lows.