Dow falls, Nasdaq and S&P 500 rise amid fresh wave of earnings, jobs data.
US stocks traded mixed on Tuesday as investors digested new data on job openings and absorbed a fresh wave of earnings ahead of Alphabet’s (GOOG) results.
The Dow Jones Industrial Average (^DJI) fell around 0.2% by afternoon trading while the benchmark S&P 500 (^GSPC) rose roughly 0.1% after initially opening the day lower. The tech-heavy Nasdaq Composite (^IXIC) also recouped earlier losses to rise around 0.4%.
New data from the Bureau of Labor Statistics released Tuesday showed there were 7.44 million jobs open at the end of September, a decrease from the 7.86 million seen in August. August’s figure was revised lower from the 8.04 million open jobs initially reported.
Investors have been closely watching for signs of further cooling in the labor market ahead of the Federal Reserve’s next interest rate decision on Nov. 7. Updates on inflation and the jobs market later in the week will also be key in determining Fed policy.
In the meantime, earnings are at the forefront of what’s shaping up to be a crucial week for markets.
Alphabet’s results, due after the bell, will be closely watched as a harbinger of whether Big Tech’s huge AI investments are delivering a payoff. The Google parent is the first of five “Magnificent Seven” megacaps due to report over the next three days, with the outcome seen as driving the direction of stocks to kick off November.
McDonald’s (MCD) posted a third-quarter revenue beat, thanks to a rise in US sales in the face of worries about a recent E.coli outbreak. The busiest week of earnings season is revving up, with PayPal (PYPL) and Pfizer (PFE) reporting results before the bell. AMD (AMD), Chipotle (CMG), and Visa (V) will report alongside Alphabet after the market closes.
Meanwhile, the US presidential election is injecting some uncertainty into markets in the final fierce days of campaigning. Trump Media & Technology Group stock (DJT) ticked higher following after a brief trading halt earlier in the session. Shares are set to build on Monday’s 21% gain following Donald Trump’s weekend rally in New York.