Stock market today: Indexes slip ahead of Powell comments and as traders look to jobs data
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- Stocks slumped Tuesday morning as investors gear up for the latest jobs market data.
- Fed Chairman Jerome Powell is speaking at 9:30 a.m. ET at a central bank forum.
- Job openings and labor turnover data will be released Tuesday morning.
US stocks slid Tuesday morning as investors repositioned ahead of upcoming jobs data and commentary from central bank officials.
Major indexes dipped and Treasury yields fell, with the 10-year bond yield down five basis points to 4.425%.
At 9:30 a.m. ET, Fed Chairman Jerome Powell is scheduled to speak at the European Central Bank forum and will discuss monetary policy with ECB's Christine Lagarde and Roberto Campus Neto, Brazil's central bank president.
But the biggest spotlight this week will fall on the jobs market. The latest job openigs data will be released later Tuesday morning, just a few days before the key nonfarm payroll report for June comes out on Friday.
Moderate softening in both these reports would be well received by markets and raise hopes that the Fed can cut interest rates this year.
Currently, futures markets expect a policy pivot to start in November.
The stock market is coming off a positive session on Monday, which indexes jump starting the year's second half in the green. While gains so far in 2024 have been impressive, fear around overconcentration are mounting.
Tesla shares rose on stronger-than-expected deliveries and the outlook for better days ahead from Wall Street analysts. The carmaker reported 442,956 vehicle deliveries in the second quarter, an annual slump of 4.8% but higher than the 439,000 expected by analysts.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday:
- S&P 500: 5,465.72, down 0.17%
- Dow Jones Industrial Average: 39,153.22, down 0.04 (-16.30 points)
- Nasdaq composite: 17,849.11 down 0.14%
Here's what else is going on today:
- Trump's trade and immigration plans are an 'elixir for stagflation,' JPMorgan chief strategist says.
- How BlackRock's latest deal will make Preqin's founder richer than Larry Fink.
- Financial guru David Ramsey criticizes universal basic income: "straight out of the Karl Marx playbook."
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil rose by 1.14% to $84.18 a barrel. Brent crude, the international benchmark, climbed 0.7% to $87.27 a barrel.
- Gold dipped 0.22% to $2,327 per ounce.
- The 10-year Treasury yield soared five basis points to 4.425%.
- Bitcoin was flat at $62,789.