Last Updated: 4:01 PM EST
Stock indices finished today’s trading session mixed. The Nasdaq 100 (NDX) and the S&P 500 (SPX) gained 0.98% and 0.16%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) fell 0.36%. 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 7.443 million job openings for September, below the expected 7.98 million.
This is also lower than the previous report, which saw 7.861 million job openings. Interestingly, job openings have been in an overall decline since peaking at 11.855 million back in May 2022’s report.
Furthermore, the Conference Board released its Consumer Confidence report, which, as the name suggests, measures the consumers’ confidence in the economy. This report is believed to be a leading indicator for spending patterns as optimistic consumers are more likely to spend as opposed to pessimistic ones.
For October, consumer confidence came in at 108.7, which was higher than expectations of 99.5. Interestingly, this was also higher than last month’s reading of 99.2. It’s worth noting that consumer confidence has been in a sideways range during the past two years.
Lastly, the Atlanta Federal Reserve updated its latest GDPNow reading, which allows it to estimate GDP growth in real-time. The “nowcast” becomes more accurate as more economic data is released throughout the quarter. Currently, it estimates that the economy will expand by about 2.8% in the third quarter. This is lower than its previous estimate of 3.3%
First Published: 4:37 AM EST
U.S. stock futures were near the flatline on Tuesday morning as investors braced for the release of key labor market data and a busy week of earnings releases, particularly from major tech companies. Futures on the Nasdaq 100 (NDX) and the S&P 500 (SPX) were up 0.06% and 0.01%, respectively, at 4:13 a.m. EST, October 29, while the Dow Jones Industrial Average (DJIA) was down 0.04%.
Monday’s regular trading session saw a positive performance for the major indices. The Dow Jones and the S&P 500 gained 0.65% and 0.27%, respectively. Further, the Nasdaq Composite edged up 0.26%.
In major news, shares of 3M (MMM) gained 4.4% after JPMorgan (JPM) raised the stock’s price target to $165. However, Boeing (BA) stock was down 2.8% as the company announced a $19 billion fundraising plan to bolster its finances.
Importantly, Bitcoin (BTC-USD) surged above $70,000 yesterday amid growing optimism ahead of the U.S. presidential election. Meanwhile, oil prices plunged over 6% on Monday and fueled optimism about lower fuel costs in the airline and cruise industries. As a result, American (AAL), Delta (DAL), and United (UAL) stocks gained over 2% each, and Carnival (CCL) surged 4.8%.
Moving to after-market action, Ford Motor (F) stock declined 6% after issuing soft full-year guidance. On the other hand, VF Corp. (VFC) surged more than 23% following better-than-expected fiscal Q2 results.
On the economic front, investors will be closely monitoring the Job Openings and Labor Turnover Survey (JOLTS) report for insights into the strength of the job market. Additionally, GDP and Consumer Confidence data points are scheduled for release.
Furthermore, several major companies, including Alphabet (GOOGL), Snap (SNAP), Visa (V), Chipotle (CMG), PayPal (PYPL), McDonald’s (MCD), SoFi Technologies (SOFI), and Advanced Micro Devices (AMD), are set to report their quarterly results today.
Meanwhile, the U.S. 10-year treasury yield is down at the time of writing, floating near 4.276%. At the same time, WTI crude oil futures trended higher, hovering near $67.67 per barrel as of the last check.
Elsewhere, European markets opened higher today as investors assessed key corporate earnings from some major companies, including Adidas (DE:ADS) and HSBC Holdings (GB:HSBA).
Asia-Pacific Markets Traded Mixed on Tuesday
Asia-Pacific indices traded mixed today. Investors looked ahead to earnings reports from major U.S. tech companies scheduled for this week. Traders also eyed Japan’s political landscape and potential economic stimulus from China.
Hong Kong’s Hang Seng index was up 0.28%. Further, Japan’s Nikkei and Topix indices finished higher by 0.77% and 0.91%, respectively. However, China’s Shanghai Composite and Shenzhen Component indices declined 1.08% and 1.33%, respectively.
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