Last Updated: 4:29 PM EST
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Stock indices finished today’s trading session in the red amid positive economic data. Indeed, the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) fell 1.79%, 1.11%, and 0.42%, respectively.
On Tuesday, the Bureau of Labor Statistics released its JOLTS Job Openings report, which helps measure job vacancies in the U.S. The number came in at 8.098 million job openings for November, well-above the expected 7.73 million. In addition, this is higher than the previous report, which saw 7.839 million job openings. This has raised concerns that the Federal Reserve may hold off on cutting interest rates.
These worries were increased when the Institute for Supply Management put out its monthly report for the ISM Non-Manufacturing Purchasing Managers’ Index, which measures the overall economic condition of the non-manufacturing sector.
A number over 50 represents an expansion, whereas anything below 50 signals a contraction. The report came in at 54.1, which was also higher than the expected 53.5.
First Published: 3:56 AM EST
U.S. stock futures edged lower on Tuesday morning, following a strong performance by the S&P 500 (SPX) and the Nasdaq Composite in the previous session. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 were down 0.12%, 0.05%, and 0.08%, respectively, at 3:41 a.m. EST, January 7.
Key drivers of Monday’s rally included a strong earnings report and a positive outlook from contract electronics maker Foxconn, which led semiconductor stocks higher. Particularly, Nvidia’s (NVDA) gained 3.4% and reached a record high, while Micron Technology (MU) surged 10.5%.
Investor sentiment was further buoyed by a Washington Post report suggesting that President-elect Trump’s proposed tariff plan may be narrower than initially expected. This news helped to ease concerns about potential trade tensions.
In other stock market news, FuboTV (FUBO) was up over 250% after Disney (DIS) announced plans to merge its Hulu+ Live TV business with FuboTV. At the same time, Palantir Technologies (PLTR) declined 5% after Morgan Stanley (MS) rated the stock a Sell.
In today’s economic calendar, investors are focused on the Job Openings and Labor Turnover Survey results for insights into the health of the U.S. labor market. Also, the ISM Services Purchasing Managers’ Index (PMI) report will be released today.
On the earnings front, Cal-Maine Foods (CALM), Apogee Enterprises (APOG), and Lindsay Corp. (LNN), among others, are scheduled to report their quarterly numbers today.
Meanwhile, the U.S. 10-year treasury yield was up, floating near 4.624% at the time of writing. At the same time, WTI crude oil futures are trending lower, hovering near $73.31 per barrel as of the last check.
Elsewhere, European indices opened lower on Tuesday morning as investors looked forward to the release of Eurozone Inflation and Unemployment data.
Asia-Pacific Markets Ended Higher on Tuesday
Most of the Asia-Pacific indices were in the green today on hopes that President-elect Donald Trump could likely impose less aggressive tariffs than earlier expected.
At the same time, China’s Shanghai Composite and Shenzhen Component indices gained 0.71% and 1.14%, respectively. Also, Japan’s Topix and Nikkei indices were up 1.97% and 1.1%, respectively. However, Hong Kong’s Hang Seng Index was down 1.22%.
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