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Tesla slips after its China-made EV sales drop in Nov
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Job openings rise to 7.744 mln in Oct, beating estimates
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South Korean firms fall after president declares martial
law
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Indexes: Dow down 0.15%, S&P 500 off 0.03%, Nasdaq up
0.12%
(Updates at market open)
By Shashwat Chauhan and Purvi Agarwal
Dec 3 (Reuters) -
Wall Street's main indexes were subdued in choppy trading on
Tuesday after the S&P 500 and the Nasdaq notched record high
levels in the last session, with focus on a crucial jobs report
later this week along with more data and commentary from Federal
Reserve officials.
The hotly anticipated monthly payrolls figures on
Friday, a crucial metric in gauging the Fed's interest rate
trajectory, are on top of investors' radar.
A November reading of private payrolls is also due on
Wednesday.
Meanwhile, a Labor Department report showed U.S. job
openings rose to 7.744 million in October, compared with
estimates of 7.475 million, as per economists polled by Reuters.
At 10:08 a.m. ET, the Dow Jones Industrial Average
fell 69.27 points, or 0.15%, to 44,712.73, the S&P 500
lost 2.00 points, or 0.03%, to 6,044.99 and the Nasdaq Composite
gained 23.01 points, or 0.12%, to 19,427.32.
Fed Governor Christopher Waller said on Monday he is
inclined "at present" to support another interest rate cut later
this month, while New York Fed President John Williams could not
yet say what the central bank's next move will be.
"We're hearing from different Fed officials, some saying
we should wait and pause and others saying a quarter point is
certainly doable," said Paul Nolte, senior wealth adviser and
market strategist for Murphy & Sylvest.
"(The Fed's decision) is still up in the air and the
data over the next 10 days or so will make that decision a
little bit easier for the Fed."
On the docket for Tuesday, comments from Chicago Fed
President Austan Goolsbee and Fed Board Governor Adriana Kugler
would be parsed through.
The Nasdaq and the S&P 500 scored to record
closing highs in the last session, as the tech rally spilled
into December after U.S. equities' stellar November performance.
Former U.S. President Donald Trump recaptured the White
House in last month's election and his Republican Party swept
both houses of Congress, boosting stocks in November.
Analysts have cited Trump's potential plans for tax cuts and
deregulation as a positive for stocks, though tariffs could be a
negative on concerns of fresh inflationary pressures and a
global trade war.
Among individual movers, Tesla slipped 1.1% after
data showed the automaker's sales of China-made electric
vehicles fell 4.3% year-on-year to 78,856 in November, pulling
the consumer discretionary sector down 0.2%.
Zscaler ( ZS ) dropped 5.3% after analysts noted that the
cybersecurity firm's second-quarter revenue forecast failed to
impress.
U.S. Steel shed 8.3% after Trump reiterated his
opposition to Nippon Steel's ( NISTF ) planned $15 billion the
purchase of the company.
U.S.-listed shares of South Korean companies lost ground
with iShares MSCI South Korea ETF down 5.7%, after
President Yoon Suk Yeol declared martial law in the country.
Declining issues outnumbered advancers by a 1.23-to-1
ratio on the NYSE and by a 1.5-to-1 ratio on the Nasdaq.
The S&P 500 posted 16 new 52-week highs and two new
lows, while the Nasdaq Composite recorded 64 new highs and 50
new lows.