Wall Street flat after weak labor market data, dovish Fed comments
S&P 500 and Nasdaq flat in choppy trading
Job openings indicate labor market easing
Nvidia edges lower after report of DOJ subpoena
Dollar Tree dives after cutting annual forecasts
AMD rises after hiring former Nvidia executive Keith Strier
Updates to 2:30 p.m. EDT
By Chibuike Oguh
NEW YORK Sept 4 (Reuters) -U.S. stocks were mostly flat in choppy trading on Wednesday following labor market data and comments from a Federal Reserve official that bolster the case for an interest rate cut.
Labor Department data showed that U.S. job openings fell to a 3-1/2-year low in July, indicating continued easing of labor market tightness that could strengthen the Fed's hand to begin cutting rates at its next meeting later this month.
The benchmark S&P 500, Nasdaq and Dow indexes were flat in choppy trading, with utilities stocks leading the gainers while energy and healthcare equities were the main drag. Nine out of 11 S&P 500 sectors were trading down.
"For me, even though the index is flat or down a couple of basis points, actually the market is up," said Eric Beyrich, co-chief investment officer at Sound Income Strategies. "The data always gets messed up, if you will, by the large cap tech companies which drive everything."
Shares of Nvidia NVDA.O, which suffered a massive $279 billion drop in market value on Tuesday, were up 0.2%. The U.S. Department of Justice sent a subpoena to the AI chip firm as it deepens its probe into the company's antitrust practices, according to a report.
Other megacap growth stocks including Apple AAPL.O slipped 1% and Amazon.com AMZN.O fell 1.8%. Tesla TSLA.O was up nearly 5%.
Raphael Bostic, Atlanta Fed president, said on Wednesday the central bank must not keep interest rates too high much longer or it risks causing too much harm to employment. He added that waiting until inflation falls back to the Fed's 2% goal before cutting rates "would risk labor market disruptions that could inflict unnecessary pain and suffering."
In Tuesday's session, all three Wall Street indexes slumped to their biggest one-day loss since early August as investors dumped technology-related stocks in a dour start to September - which is historically the worst month for equities.
"Utility stocks are up today because of weak data in jobs that just bolsters the case that when the Fed meets in almost a few weeks they are going to cut rates by at least 25 basis points," Beyrich added.
The Dow Jones Industrial Average .DJI rose 3.38 points, or 0.00%, to 40,936.13, the S&P 500 .SPX lost 5.11 points, or 0.09%, to 5,523.82 and the Nasdaq Composite .IXIC lost 1.55 points, or 0.00%, to 17,135.93.
The Philadelphia SE Semiconductor index .SOX rebounded from its biggest one-day drop since the COVID-19 pandemic in the previous session and was up 0.72%.
Advanced Micro Devices AMD.O rose 3.5% after it named former Nvidia executive Keith Strier as its senior vice president of global AI markets.
Zscaler ZS.O forecast fiscal 2025 revenue and profit below estimates, sending its shares down nearly 18%. Dollar Tree DLTR.O slumped 24% after the discount store operator trimmed its annual sales and profit forecasts.
September is the worst month for S&P 500 on average since 1928 https://tmsnrt.rs/3zea03d
JOLTS https://reut.rs/4cYB3xo
Reporting by Chibuike Oguh in New York; additional reporting by Johann M Cherian, Bansari Mayur Kamdar and Purvi Agarwal in Bengaluru
Editing by Matthew Lewis
免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料,僅適用於教育/資訊類用途,不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議,或是交易價格紀錄,或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。