*

US job openings fall more than expected in April

*

Axos Financial ( AX ) down as Hindenburg Research reveals short

position

*

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

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Indexes down: Dow 0.18%, S&P 0.46%, Nasdaq 0.44%

(Updated at 12:10 p.m. ET/1610 GMT)

By Lisa Pauline Mattackal and Johann M Cherian

June 4 (Reuters) -

U.S. stock indexes inched lower on Tuesday after labor

market data compounded worries about growing weakness in the

economy, while profit-taking in some of Wall Street's most

popular stocks added to the losses.

Indexes slipped after a Labor Department report showed

job openings

were down to 8.05 million in April, lower than an

expectation of 8.35 million, ahead of the closely watched

nonfarm payrolls figures for May, due on Friday.

The data was the latest in a string of recent reports

that have increased concerns about a slowdown in the world's

largest economy, leading markets to expect an earlier start to

interest-rate cuts by the U.S. Federal Reserve.

The yields on Treasury bonds slipped following the

report. Expectations for a September rate reduction now stand

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

FedWatch tool.

"The evidence is accumulating that the Fed should begin

easing... fewer workers are quitting each month, clearly

signaling fewer opportunities to earn higher wages by switching

jobs," said Ronald Temple, chief market strategist at Lazard.

However, indexes remained in the red despite the change

in rate-cut expectations, with some market participants citing

profit-taking in megacap tech and chip stocks, which have been

the primary drivers of recent Wall Street rallies.

Stocks such as Amazon.com ( AMZN ), Meta and

Microsoft ( MSFT ) were among the biggest drags on the S&P 500,

down between

0.1

% and

0.6

%. Semiconductor stocks lost

1.4

%.

"The absence of corporate news suggests a sideways

trending market, which seems to be where we are right now.

Strong year-to-date returns are a reason for some near-term

profit-taking, and certainly some portfolio rebalancing," said

Terry Sandven, chief equity strategist at U.S. Bank Wealth

Management.

Separately, the Commerce Department said orders for

manufactured goods rose 0.7% in April, higher than economists'

expectation of a 0.6% increase.

Oil companies Exxon Mobil ( XOM ) and Chevron ( CVX )

dropped 2.3% and 1.5%, respectively, as demand concerns weighed

on crude prices. Energy stocks led S&P 500 sectoral

declines with a

1.5

% fall.

Small-cap stocks, typically more sensitive to

economic expectations, declined

1.2

%, while the rate-sensitive real estate sector

gained

0.9

%.

At 12:10 a.m. ET, the Dow Jones Industrial Average

was down 69.26 points, or 0.18%, at 38,501.77, the S&P 500

was down 24.42 points, or 0.46%, at 5,258.98, and the

Nasdaq Composite was down 74.65 points, or 0.44%, at

16,754.02.

Among others, Bath & Body Works ( BBWI ) slumped 14% after a

lower revision to its quarterly profit forecast.

Axos Financial ( AX ) plunged 7.3% after Hindenburg

Research disclosed a short position in the lender.

Paramount Global ( PARAA ) lost 4.1% after the streaming firm

said it was exploring strategic options or a joint venture for

the Paramount+ streaming service.

Declining issues outnumbered advancers

by

a 1.85-to-1 ratio on the NYSE

, and by

a 2.15-to-1 ratio on the Nasdaq

.

The S&P index recorded

10

new 52-week highs and four new lows, while the Nasdaq

recorded

25

new highs and

92

new lows.