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US shares open mixed after more soft jobs market data
DJIA down 0.24% (Il Sole 24 Ore Radiocor) - New York, 05 Sep - US shares opened mixed as investors digested more data pointing to a softer labor market amid growing uncertainty over the economy.
Private employers recorded their smallest monthly hiring growth since January 2021, according to August's report from ADP which showed private payrolls had grown well below expectations at only 99,000, with the previous month's number revised down. At the same time US planned job cuts soared in August, the latest Challenger report said earlier.
The data come after a report yesterday showed job openings in the US had unexpectedly dropped in July, indicating hiring could well start to cool off in coming months. All eyes now switch to tomorrow's key nonfarm payrolls report.
As inflation eases, investors are rapidly turning their attention to the risks of slower economic growth and a cooling jobs market.
Several Federal Reserve policymakers have pointed to the jobs market as a key cause for concern, signalling a cut in interest rates might be appropriate as a way to support employment.
Investors are currently betting on a 25, or even 50, basis point cut at the central bank's next monetary policy meeting this month.
On the stocks front, shares in Tesla were up 2.4% in early trade after the EV maker said it plans to launch fully self-driving cars in Europe and China next year while AI software maker C3.ai was down 15% after disappointing quarterly results.
Companies reporting earnings today include Broadcom and Docusign.
Shortly after the opening bell the Dow Jones was down 99.24 points, or 0.24%, at 40,875.73, the S&P 500 was up 3.36 points, or 0.06%, at 5,523.43 while the Nasdaq was up 76.99 points, or 0.45%, at 17,161.29.
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(RADIOCOR) 05-09-24 15:45:18 (0424) 5 NNNN