US Stock Markets Today: S&P 500, Dow Jones Open Flat After Weaker Jobs Data
The S&P 500 slipped 0.06%, whereas the tech-heavy Nasdaq Composite and Dow Jones were down 0.09% and 0.04%, respectively.
S&P 500 and Dow Jones on Wednesday opened flat after data showed an unexpected decline in employment in US companies in June.
According to ADP Research data released on Wednesday, private-sector payroll fell 33,000 in June after a downwardly revised 29,000 gains in May. This is the first time in over two years that there was a decline in employment raising concerns over a more pronounced labor market slowdown.
The S&P 500, in the early minutes of trading, slipped over 0.06%, whereas the tech-heavy Nasdaq Composite and Dow was down 0.09% and 0.04%, respectively.
The rally on Wall Street took a pause on Tuesday after another record high as investors rotated out of megacap technology stocks and into other corners of the market on the first day of a new quarter.
“The next two possible catalysts for the markets will be the jobless claims and the deadline for tariff negotiations,” Karen Georges, equity fund manager at Ecofi in Paris told Bloomberg.
In the early minutes of trading, four of the 11 sectoral indices was trading in green. Consumer discretionary and material sector were leading the decline while utilities and financial sectors were in negative.
Nike Inc., shares were up over 1%, in addition Tesla Inc., Apple Inc., Goldman Sachs Group Inc., Nvidia Corp. were amongst the other gainers for the day. On the other hand, Coca-Cola Co., Procter & Gamble Co., Salesforce Inc. and Adobe Inc. also amongst the losers.
As the US market opened, spot gold rose 0.13% to $3,343.25 an ounce. Crude oil prices rose, with the Brent trading 0.94% higher at $67.74 per barrel.
The Bloomberg Dollar Index was little changed, with the British Pound falling 0.7% to $1.3656, while the Japanese yen was at 143.56 per dollar.
Bitcoin, the largest traded cryptocurrency, rose 1.3% to $107,324.64.
