Nasdaq losses accelerate, down 1%
Losses on the tech-heavy Nasdaq Composite (^IXIC) accelerated mid-morning as semiconductor stocks fell. Shares of AI chip heavyweight Nvidia (NVDA) fell as much as 6%.
Other semi stocks also fell ahead of chip giant AMD (AMD) earnings, due after the market close.
The Nasdaq Composite fell more than 1% while the S&P 500 (^GSPC) dropped 0.5%.
Tue, July 30, 2024 at 7:45 AM PDT
Nasdaq turns negative as Nvidia drops 4%
The Nasdaq turned negative on Tuesday morning as shares of AI chip heavyweight Nvidia (NVDA) tanked roughly 4%.
The tech-heavy Nasdaq Composite (^IXIC) fell as much as 0.5%, erasing earlier session gains. The S&P 500 (^GSPC) also slipped below the flatline.
Other semiconductor related stocks sank on Tuesday as investors await chip giant AMD (AMD) to report quarterly results after the close.
Tue, July 30, 2024 at 7:10 AM PDT
Job openings steady in June while quits hit lowest level since November 2020
Job openings were roughly flat in June, declining slightly from the month prior as investorshad been watching for further signs of cooling in the labor market.
New data from the Bureau of Labor Statistics released Tuesday showed that 8.18 million jobs were open at the end of June, a decrease from the 8.23 million job openings in May.
May's figure was revised higher from the 8.14 million open jobs initially reported. Economists surveyed by Bloomberg had expected the report to show 8 million openings in June.
The Job Openings and Labor Turnover Survey (JOLTS) also showed 5.3 million hires were made during the month, a slight decrease from May. The hiring rate declined to 3.4%, down from 3.6% in May.
Also, in Tuesday's report, the quits rate, a sign of confidence among workers, sat at 2.1% for the second straight month. In June, there were 3.28 million quits, the lowest number of quits in a month since November 2020.
Tue, July 30, 2024 at 6:32 AM PDT
Stocks rise as Fed meeting set to kick off, investors await Microsoft earnings
Stocks rose on Tuesday morning as investors digested more earnings and Fed officials were set to commence their two-day policy meeting.
The S&P 500 (^GSPC) nudged higher 0.2% while the tech-heavy Nasdaq Composite (^IXIC) rose 0.3% after a lackluster prior session for the major gauges. The Dow Jones Industrial Average (^DJI) rose 0.2%.
Pharmaceutical giant Pfizer (PFE) raised its annual forecast, while Merck (MRK) beatsecond quarter earnings estimates.
Investors will watch for Microsoft (MSFT)quarterly earningsdue after the market close on Tuesday. Coffee giant Starbucks (SBUX) will also post results following the close.
This is a big week for the markets as the Federal Open Market Committee holds its two-day meeting with a rate decision due on Wednesday afternoon. Investors expect Fed officials will lay the groundwork for a September cut.
Meanwhile the monthly jobs report is due on Friday prior to the market open.