Last Updated: 4:03 PM EST
Stock indices finished today’s trading session in the red. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) fell 0.28%, 0.76%, and 1.14%, respectively.
The U.S. job market showed positive signs in January, with job openings rising to 7.74 million and surpassing expectations. This represents a job openings rate of 5.1%, which is up from 4.5% in the previous month. Although job openings have decreased by 728,000 compared to January 2024, some industries saw significant increases. This included real estate, as well as rental and leasing, which added 46,000 new openings.
As job openings increased, so did hiring, as there were 5.393 million hires in January. The hiring rate remained unchanged from the previous month at 3.4% but was slightly lower than the 3.5% rate in January 2024. Interestingly, the hiring rate for the arts, entertainment, and recreation sector was solid after jumping to 6% in January from 5.4% in December. Retail trade also saw a boost in hiring after rising to 4.1% from 3.9% in the prior month.
In addition, the number of layoffs declined to 1.669 million in January, which equated to a layoff rate of 1.0%. This rate is down from 1.1% in both December and January 2024. The quits rate, which measures how many voluntarily leave their jobs, increased to 2.1% from 1.9% in the previous month. While some industries, such as construction and arts, entertainment, and recreation, saw higher layoff rates, the overall trend suggests that the job market is relatively stable, at least for now.
First Published: 4:36 AM EST
U.S. stock futures traded higher early Tuesday, following a sharp sell-off on Monday driven by rising recession fears. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were up 0.45%, 0.3%, and 0.26%, respectively, at 4:30 a.m. EST, March 11.
Yesterday’s trading session saw major declines across major indices. The Nasdaq Composite (NDAQ) witnessed its worst day since September 2022. Overall, the Dow Jones, the S&P 500, and the Nasdaq Composite dropped 2.08%, 2.7%, and 4%, respectively.
President Trump’s recent comments about the economy being in a “period of transition” have added to investor concerns. His trade policies, specifically tariffs, have also raised worries about rising inflation, which could limit the Federal Reserve’s ability to cut interest rates.
Importantly, Goldman Sachs (GS) recently revised its 2025 economic growth outlook downward, citing potential impacts from tariffs. The firm reduced its GDP growth estimate to 1.7%, down from its earlier projection of 2.4% at the start of the year. Similarly, Morgan Stanley (MS) adjusted its forecast, lowering its estimate to 1.5%.
Investors are now focused on key economic data releases, such as Job Openings data on Tuesday. Also, the Consumer Price Index on Wednesday and the Producer Price Index on Thursday will be closely monitored by traders. These reports will provide insights into the health of the U.S. economy and might influence market sentiment.
On the earnings front, Fuelcell Energy (FCEL) and Kohl’s (KSS) are scheduled to report quarterly numbers today.
Meanwhile, the U.S. 10-year treasury yield was down, floating near 4.19%. Simultaneously, WTI crude oil futures are trending higher, hovering near $66.24 per barrel as of the last check.
Elsewhere, European indices opened lower today as global concerns grew over the U.S. economy being affected by Trump’s trade tariffs.
Asia-Pacific Markets Traded Mixed on Tuesday
Asia-Pacific indices were mixed today, mirroring Wall Street losses amid growing fears over trade tariffs and the risk of a recession in the United States.
Notably, Hong Kong’s Hang Seng Index was down 0.01%. Further, Japan’s Nikkei and Topix indices closed lower by 0.64% and 1.11%, respectively. However, China’s Shenzhen Component and Shanghai Composite indices were up 0.33% and 0.41%, respectively.
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