Stocks spent bell-to-bell in negative territory Tuesday, snapping an 8-day winning streak for the S&P 500 Index.
Job openings decreased in February by 7% to just under 7.1 million, below the consensus range of between 7.1 million and 7.6 million, according to the Bureau of Labor Statistics’ JOLTS report. February’s total is the lowest since March 2018. Hires also fell 2.3% to 5.7 million.
Investors suddenly have another potential trade war to worry about wary of another trade war after President Trump threatened the EU with $11 billion in tariffs on Twitter Tuesday morning.
The World Trade Organization finds that the European Union subsidies to Airbus has adversely impacted the United States, which will now put Tariffs on $11 Billion of EU products! The EU has taken advantage of the U.S. on trade for many years. It will soon stop!
— Donald J. Trump (@realDonaldTrump) April 9, 2019
Also on traders’ minds are earnings reports from banks such as JP Morgan Chase and Wells Fargo, both of which report on Friday.
Bank of America, which reports next week, announced Tuesday that it would be raising its minimum wage to $20 per hour over a two-year period. Its stock is paying a price, down nearly 1%.
The Dow dropped 0.7%, 190 points, to close at 26,150.6, the Nasdaq slipped 0.6% to finish at 7,909.3 and the S&P 500 receded 0.6% to end the day at 2,878.2.
At the small-cap level, the Russell 2000 closed 1% lower at 1,563.3, while the S&P 600 saw a 1.1% decline to 953.7.
1:15 pm: Wall Street stays sluggish after disappointing JOLTS report
US markets made back some ground but remained decidedly in the red Tuesday afternoon.
Job openings decreased in February by 7% to just under $7.1 million, below the consensus range of between 7.1 million and 7.6 million, according to the Bureau of Labor Statistics’ JOLTS report. February’s total is the lowest since March 2018. Hires also fell 2.3% to 5.7 million.
Investors also have their eyes on impending earning reports from money center banks such as JPMorgan Chase and Wells Fargo on Friday.
Bank of America, which reports next week, announced Tuesday that it would be raising its minimum wage to $20 per hour over a two-year period. Its stock is paying a price, down nearly 1% as a result.
The Dow dropped 0.6%, 165 points, to 26,175.6, the Nasdaq slipped 0.3% to 7,933 and the S&P 500 receded 0.5% to 2,882.2.
At the small-cap level, the Russell 2000 was down 0.4% to 1,572.4, while the S&P 600 saw a 0.3% decline to 961.7.
President Trump lashed out at the EU Tuesday morning, threatening tariffs that spooked European investors.
The World Trade Organization finds that the European Union subsidies to Airbus has adversely impacted the United States, which will now put Tariffs on $11 Billion of EU products! The EU has taken advantage of the U.S. on trade for many years. It will soon stop!
— Donald J. Trump (@realDonaldTrump) April 9, 2019
The London FTSE shaved off 0.4% to 7,425.6, the French CAC shrank 0.7% to 5,436.4, and the German DAX slid nearly 1% to 11,850.6.
9:56 am: Wall Street opens lower as investors brace for bank earnings
The Dow lost 200 points at the open, the second day this week the industrials have struggled.
Boeing Co (NYSE:BA) and Caterpillar Inc (NYSE:CAT) each fell again, taking the blue-chip index down with them.
Traders also have an eye on the earnings reports that are due to land later this week, including reports from money-center banks such as JP Morgan Chase and Wells Fargo on Friday.
Bank of America, which reports next week, announced Tuesday that it would be raising its minimum wage to $20 per hour over a two-year period.
The Dow dropped 0.8%, 215 points, to 26,125.7, the Nasdaq slipped 0.4% to 7,925.9 and the S&P 500 receded 0.6% to 2,877.9.
In Europe, the London FTSE was down as traders waited for Brexit developments. The FTSE shaved off 0.4% to 7,419.6.
The French CAC shrank 0.6% to 5,439.3, and the German DAX slid 0.9% to 11,857.7.
8:35 am: Wall Street set to slide at the open as investors brace for bank earnings
Investors are expecting moderate losses on Wall Street Tuesday as futures trended lower across the board.
Traders are looking ahead to earnings reports that drop later this week, including reports from money center banks such as JPMorgan Chase & Co (NYSE:JPM) and Wells Fargo & Company (NYSE:WFC) on Friday.
Bank of America Corp (NYSE:BAC), which reports next week, announced Tuesday that it would be raising its minimum wage to $20 per hour over a two-year period.
Dow futures traded 25 points lower at 26,309, Nasdaq futures dlipped 10 points to 7,614.9 and S&P 500 futures fell 3 points to 2,894.8.
In Europe, the London FTSE was nearly flat as a steady pound and a desire by traders to wait for Brexit developments held the 100-stock index in place. The FTSE shaved off 7 points to 7,444.8.
The French CAC held at 5,472.1, and the German DAX slid 0.3% to 11,931.2.
In Asia overnight, Japan’s Nikkei 225 gained 0.2% to close at 21,802.6, while the Shanghai Composite Index slid 0.2% to 3,239.7.