US data puts damper on US stocks US stocks were mixed on Tuesday on the heels of fresh jobs data released by the U.S. Bureau of Labor Statistics.
Tech stocks reversed earlier losses to lead the morning session, with the Nasdaq Composite (^IXIC) up about 0.4%. The benchmark S&P 500 (^GSPC) hugged the flatline while the Dow Jones Industrial Average (^DJI) fell roughly 0.4%.
A losing start to December is putting November's roaring rally in the rear-view mirror. Doubts are surfacing about the notion the Federal Reserve will soon call an end to rate hikes, sapping enthusiasm. Investors are now looking to upcoming labor market data for evidence the US economy is headed for a so-called soft landing.
Tuesday's reading on job openings in October showed slowing demand in the labor market with job openings sliding to 8.73 million last month, down from 9.35 million openings in September and 10.47 million in the prior-year.
Over the month, the number of hires and total separations changed little at 5.9 million and 5.6 million, respectively, according to the U.S. Bureau of Labor Statistics. Within separations, quits (3.6 million) and layoffs and discharges (1.6 million) were changed little.
ADP private payrolls numbers will be released on Wednesday while Friday's crucial monthly jobs report will be scoured for catalysts for the Fed to change policy course.