Last Updated: 4:01 PM EST
Stock indices finished today’s trading session mixed after a fresh round of disappointing economic data. Indeed, the Nasdaq 100 (NDX) and the S&P 500 (SPX) fell 0.2% and 0.16%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) gained 0.09%. On Wednesday, 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 7.673 million job openings for July, below the expected 8.09 million.
This was also lower than the previous report, which saw 8.184 million job openings. Interestingly, job openings have been in an overall decline since peaking at 11.855 million back in May 2022’s report.
It’s important to remember that this data is for July, thus making it a lagging indicator. Since then, many companies have announced that they will reduce their workforce in order to cut costs, which provides evidence that this downward trend is likely to continue.
In addition, 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 2.1% in the third quarter. This is slightly higher than its previous estimate of 2%.
First Published: 5:05 AM EST
U.S. futures were down on Wednesday morning following a sharp decline in the major averages yesterday. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down by 0.55%, 0.35%, and 0.16%, respectively, at 3:57 a.m. EST, September 4.
In yesterday’s trading session, the S&P 500 witnessed its worst day since August 5, having closed lower by 2.1%. Further, the Dow Jones and the Nasdaq Composite indices were down 1.5% and 3.3%, respectively. This downturn can be attributed to weaker-than-expected manufacturing activity data, which raised concerns about a slowdown in the U.S. economy.
Following the release of weak economic reports, semiconductor stocks were hit particularly hard, with Nvidia (NVDA), AMD (AMD), Broadcom (AVGO), Micron Technology (MU), and Intel (INTC) down by more than 6%.
Investors are now eagerly awaiting Friday’s crucial jobs report, which could provide valuable insights into the labor market and impact the Federal Reserve’s monetary policy decisions. Meanwhile, today traders will get an insight into the U.S. Job Openings and Factory Orders data points.
Furthermore, while the corporate earnings season is largely behind us, investors will be watching reports from retailers Dick’s Sporting Goods (DKS) and Dollar Tree (DLTR). Also, Hewlett Packard Enterprise (HPE), ChargePoint (CHPT), and C3.ai (AI) will release earnings after the market closes today.
Importantly, the U.S. 10-year treasury yield was down at the time of writing, floating near 3.808%. At the same time, WTI crude oil futures trended lower, hovering near $69.37 per barrel as of the last check.
Elsewhere, European markets opened lower on Wednesday as weak U.S. economic reports raised concerns about the global economy’s health.
Asia Pacific Markets Traded Lower on Wednesday
Asia-Pacific indices traded in the red today, mirroring Wall Street’s slump. The decline came amid heightened recession concerns fueled by weak U.S. manufacturing data.
At the time of writing, Hong Kong’s Hang Seng index was down 1.11%. Moreover, China’s Shanghai Composite and Shenzhen Component indices declined 0.67% and 0.51%, respectively. Further, Japan’s Nikkei and Topix indices closed lower by 4.24% and 3.65%, respectively.
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