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Equity Markets Mixed Intraday After Job Openings Report
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Equity Markets Mixed Intraday After Job Openings Report
Dec 3, 2024 11:35 AM

02:15 PM EST, 12/03/2024 (MT Newswires) -- US benchmark equity indexes were mixed intraday as traders parsed the official job openings report for October.

The Nasdaq Composite was up 0.2% at 19,443.4 after midday Tuesday, while the Dow Jones Industrial Average fell 0.1% to 44,753.4. The S&P 500 was little changed at 6,048.6. Among sectors, communication services paced the gainers, while industrials saw the biggest drop.

In economic news, the number of job openings in the US reached about 7.74 million on the last business day of October, up from 7.37 million the previous month, the US Bureau of Labor Statistics said. The consensus was for a 7.52 million print in a survey compiled by Bloomberg.

On balance, the data indicate "a still strong, albeit cooling," labor market, Oxford Economics said.

The probability of a 25-basis-point reduction in interest rates at the Federal Reserve's meeting later this month jumped to about 74% Tuesday from 62% Monday, according to the CME FedWatch tool.

Online spending this Cyber Monday advanced more than projected to a record $13.3 billion, according to Adobe (ADBE) Analytics' holiday shopping data.

The US two-year yield fell 4.7 basis points to 4.15% intraday, while the 10-year rate was little changed at 4.2%.

In company news, Palantir Technologies ( PLTR ) said it has been granted FedRAMP 'high authorization' for its cloud services, allowing the company to provide its offerings to more US government units. The company's shares were up 5.4%, the top gainer on the S&P 500.

AT&T ( T ) was among the best performers on the S&P 500, up 3.4%, after the telecommunications giant outlined its long-term outlook, including returning more than $40 billion to shareholders and expanding its fiber network to more than 50 million locations in the US.

Intel ( INTC ) is considering outside candidates to fill its vacant chief executive position, including Marvell Technology ( MRVL ) CEO Matt Murphy, Bloomberg News reported, citing unnamed sources. Pat Gelsinger retired as Intel ( INTC ) CEO Sunday.

Salesforce ( CRM ) , Marvell Technology ( MRVL ) and Okta ( OKTA ) are among the companies scheduled to report their latest quarterly financial results after Tuesday's closing bell.

West Texas Intermediate crude oil rose 2.6% to $69.88 a barrel intraday.

The labor market in the US is solid, while inflation seems to be on a path to policymakers' 2% target, even if there have been "some bumps" along the way, Fed Governor Adriana Kugler said.

Gold was up 0.3% at $2,667.40 per troy ounce, while silver jumped 2.1% to $31.51 per ounce.

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