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.
Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards
-
![Alexandra Canal]()
AChina hit with credit downgrade
Credit rating agency Moody’s cut its outlook for China’s credit to negative from stable, citing concerns over rising debt levels as Beijing attempts to correct a spiraling property downturn, coupled with lower medium-term economic growth.
The downgrade, Moody’s first for China since 2017, comes after the the country has struggled with its post-pandemic recovery as the consumer remains weak. The unemployment rate has also remained stubbornly high for young people.
In response to the downgrade, China’s Ministry of Finance said it was “disappointed.”
“Since the beginning of this year, in the face of the complex and harsh international situations, and against the background of an unstable global economic recovery and weakening momentum, China’s macro economy has continued to recover and has been advancing steadily,” the ministry said, according to an online transcript of a Q&A session cited by the Associated Press.
Those concerns regarding the world’s second-largest economy helped drive a sell-off in China stocks with Hong Kong’s Hang Seng index (^HSI) dropping 1.9% while the Shanghai Composite index (SSE) fell about 1.7%.
Moody’s said it expects China’s GDP to grow at a 4% annualized pace both next year and in 2025 before slowing to a pace of 3.8% for the remainder of the decade.
-
![Alexandra Canal]()
AStocks open lower ahead of JOLTS data
US stocks opened lower on Tuesday as investors await key jobs data, due later this morning.
The tech-heavy Nasdaq Composite (^IXIC) fell about 0.4%, while both the benchmark S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) fell roughly 0.3%.
Click here for in-depth analysis of the latest stock market news and events moving stock prices.
Read the latest financial and business news from Yahoo Finance
