Stock market today: Indexes slip after hitting records as investors await fresh economic data
A trader works on the floor of the New York Stock Exchange (NYSE) a day after the market closed for over three hours yesterday due to a ‘technical glitch’ on July 9, 2015 in New York City. The market had a normal opening today with no reports of problems.
US indexes were lower Tuesday as momentum waned on the back of a new closing high for the S&P 500 and the Nasdaq.
Investors are now bracing for several economic updates scheduled for this week. The fresh data inputs will likely help inform whether the Federal Reserve’s next interest rate decision is at its meeting meeting this month.
To that end, all eyes are on Tuesday’s October job openings reports. November’s payroll report will take center stage later on Friday. Economists expect 214,000 added in the month, a spike in hiring activity after October’s reading of 12,000 new hires.
According to the CME FedWatch Tool, the market sees a 74% chance of a quarter-point interest rate cut this month.
For more clues this week, investors will be tuned into Fedspeak from several central bank officials. On Tuesday, markets will be listening to commentary from central bank governor Adriana Kugler and Chicago Fed president Austan Goolsbee.
Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday:
- S&P 500: 6,039.30, down 0.13%
- Dow Jones Industrial Average: 44,674.67, down 0.24% (-107.33 points)
- Nasdaq composite: 19,398.31, down 0.03%
Here’s what’s happening:
- US market overhype is fueling the ‘mother of all bubbles,’ Ruchir Sharma wrote.
- An ‘everything rally’ is possible if Trump tackles US debt, according to Ed Yardeni.
- Get ready for weaker returns in 2025 after huge stock gains in the past 2 years, Jeremy Siegel says.
- Buying a house won’t get any easier in the next two years, Capital Economics says.
- Stocks in these 4 sectors are best positioned to rally into next year, UBS says.
- Here’s why the stock market crushed expectations in 2024.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil rose 1.78% to $69.3 a barrel. Brent crude, the international benchmark, jumped 1.64% to $73.02 a barrel.
- Gold climbed 0.58% to $2,674 an ounce.
- The 10-year Treasury yield slid 1 basis points to 4.18%.
- Bitcoin dropped 2.03% to $93,389.6.
