US benchmark equity indexes closed mixed on Tuesday as traders analyzed the official job openings report for October. The US Bureau of Labor Statistics revealed that job openings reached approximately 7.74 million on the last business day of October, an increase from 7.37 million in September. This figure exceeded the consensus projection of 7.52 million from a Bloomberg survey.
The overall data suggests "a still strong, albeit cooling," labor market, according to insights from Oxford Economics. The expectations for a 25-basis-point reduction in interest rates by the Federal Reserve’s upcoming meeting later this month surged to approximately 74% on Tuesday, a notable rise from 62% on Monday, as per the CME FedWatch tool.
In the commodities market, January West Texas Intermediate crude oil prices rose by $1.19, concluding the day at $69.29 per barrel. Similarly, February Brent crude, recognized as the global benchmark, increased by $1.95, reaching $73.78, amid anticipations that OPEC+ may defer its plan to reinstate voluntary production cuts until April, which alleviates concerns about potential market oversupply. In corporate news, Palantir Technologies ($PLTR) announced it has secured FedRAMP 'high authorization' for its cloud services, enabling broader access to its offerings by US government entities.
Following the announcement, Palantir’s shares experienced a surge of 7.4%. Conversely, Intel ($INTC) is reportedly exploring external candidates for its vacant chief executive position, which includes Marvell Technology ($MRVL) CEO Matt Murphy, as per reports from Bloomberg News citing unnamed sources.
This transition follows the retirement of Pat Gelsinger as Intel CEO on Sunday, causing Intel shares to drop by 6.2%, while Marvell shares fell by about 1%..