Market update: US stocks mixed as investors await job openings data

US stock indices experienced mixed results on Wednesday as investors grew cautious ahead of anticipated job openings data and concerns about a potential economic slowdown.

The S&P 500 remained largely unchanged, the Dow Jones Industrial Average edged up by 0.1%, and the Nasdaq Composite slipped by 0.2%.

Dow, S&P, and Nasdaq down

At the start of trading, the Dow Jones Industrial Average decreased by 64.87 points, or 0.16%, settling at 40,872.06.

The S&P 500 fell by 22.25 points, or 0.40%, ending at 5,506.68.

The Nasdaq Composite experienced a larger drop, falling 120.58 points, or 0.70%, to 17,015.71.

This mixed performance reflects investor caution as they await job opening data, a crucial indicator of labor market health.

Apple, Nvidia stocks fall

Tech stocks, especially those related to artificial intelligence (AI), faced pressure.

Nvidia, a leading AI chip manufacturer, saw its stock decline by 0.8% following news of a subpoena by US antitrust regulators.

This probe is part of a broader investigation into Nvidia’s business practices, signaling increased regulatory scrutiny of major tech firms.

Shares of Apple and Microsoft also fell, by 1.1% and 0.7%, respectively, contributing to the Nasdaq’s decline.

Dollar Tree’s stock plummeted by 20%

Outside the tech sector, Dollar Tree’s stock plummeted by 20% after the retailer revised its full-year earnings forecast downward.

This adjustment highlights ongoing challenges in the retail industry, including consumer spending concerns and rising costs.

The sharp drop in Dollar Tree’s stock added to the market’s cautious mood as investors assessed the broader economic implications.

US Treasury notes down

In the bond market, yields on US Treasury notes fell, reflecting a risk-off sentiment among investors.

The yield on the 10-year Treasury note decreased by 2.6 basis points to 3.818%, while the yield on the 2-year note dropped by 4.7 basis points to 3.8405%.

Lower yields suggest a shift towards safer assets amid ongoing economic uncertainties.

Gold prices continued their decline as equity markets experienced volatility.

Spot gold fell by 0.2% to $2,488.11 per ounce, with US gold futures also down by 0.2% to $2,519.10.

Spot silver dropped 0.1% to $28.01 per ounce. This decline in precious metals reflects a broader flight to safety in a volatile market.

Oil prices: Brent crude at $73/barrel

Oil prices remained near a nine-month low as the Organisation of the Petroleum Exporting Countries (OPEC) debated whether to adjust supply amidst persistent demand concerns.

Brent crude futures traded around $73 per barrel, following a nearly 5% decline on Tuesday, while West Texas Intermediate (WTI) hovered near $70 per barrel.

OPEC’s decision and ongoing demand fears continue to weigh on oil prices, complicating the current market landscape.

This mixed performance across sectors underscores the market’s uncertainty as investors await key economic data and navigate ongoing challenges.