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US Equity Indexes Mixed as Unexpected Drop in Job Openings Pushes Treasury Yields Lower
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US Equity Indexes Mixed as Unexpected Drop in Job Openings Pushes Treasury Yields Lower
Sep 6, 2024 12:30 PM

12:54 PM EDT, 09/04/2024 (MT Newswires) -- US equity indexes were mixed in choppy midday trading on Wednesday as government bond yields slumped following a surprise decline in job openings.

The S&P 500 was little changed at 5,529.2, with the Nasdaq Composite up 0.1% to 17,152.9 and the Dow Jones Industrial Average fractionally lower at 40,932.2. Utilities and communication services led the gainers, signaling a risk-off mood. Energy led the decliners.

In economic news, US job openings fell to 7.673 million in July, according to the Bureau of Labor Statistics, compared with an increase to 8.100 million expected in a survey compiled by Bloomberg and down from the 7.910 million reported in June.

Treasury yields dropped, with the 10-year down 5.7 basis points to 3.79% and the two-year 9.7 basis points lower at 3.8%.

West Texas Intermediate crude oil dropped 0.8% to $69.77 a barrel.

Further, in economic news, new orders for US factory goods rebounded 5% in July, above expectations for a 4.8% increase in a survey compiled by Bloomberg and following a 3.3% drop in June.

The CBOE's Volatility Index (VIX) fell 1% to 20.52 after gaining earlier in the session.

In company news, Dollar Tree ( DLTR ) shares sank 21% intraday, the worst performer on the S&P 500 and Nasdaq, after the company reported a decline in fiscal Q2 adjusted earnings and lowered its outlook for the full financial year.

Zscaler ( ZS ) issued overnight lower-than-expected non-GAAP earnings guidance for fiscal Q1 and the full fiscal year 2025. Its shares slumped 18% intraday, among the steepest decliners on the Nasdaq.

Boeing ( BA ) delivered an estimated nine 737 Max jets to China in August, the most in nearly six years, Bloomberg reported, citing data from Cirium, an aviation analysis firm. Shares of Boeing ( BA ) jumped 2.4% intraday, the top performer on the Dow.

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