US benchmark equity indexes displayed mixed results during intraday trading as traders analyzed the official job openings report for October. The Nasdaq Composite edged up 0.2% to 19,443.4 after midday Tuesday, whereas the Dow Jones Industrial Average dipped 0.1% to 44,753.4, and the S&P 500 remained relatively stable at 6,048.6.
Among various sectors, communication services led the gainers while industrials experienced the most significant decline. In economic developments, the number of job openings across the nation climbed to approximately 7.74 million on the last business day of October, an increase from 7.37 million in the prior month, as per data from the US Bureau of Labor Statistics.
Market analysts anticipated a count of 7.52 million, according to a survey compiled by Bloomberg. These figures suggest "a still strong, albeit cooling," labor market, as noted by Oxford Economics. Furthermore, the likelihood of a 25-basis-point reduction in interest rates during the Federal Reserve's upcoming meeting has surged to about 74% on Tuesday, a notable rise from 62% the previous day, based on the CME FedWatch tool. Cyber Monday sales exceeded expectations, reaching a record-breaking $13.3 billion, based on Adobe Analytics holiday shopping data.
The US two-year yield fell by 4.7 basis points to 4.15% intraday, while the 10-year rate remained unchanged at 4.2%. In corporate news, Palantir Technologies announced it achieved FedRAMP 'high authorization' for its cloud services, enabling the firm to extend its offerings to more US government entities.
As a result, Palantir's shares surged by 5.4%, making it the top gainer on the S&P 500. Similarly, AT&T emerged as a strong performer on the S&P 500, rising 3.4% after the telecommunications leader shared a favorable long-term outlook that includes returning over $40 billion to shareholders and expanding its fiber network to more than 50 million locations across the US. Intel is reportedly considering external candidates, including Marvell Technology CEO Matt Murphy, for its vacant chief executive position after Pat Gelsinger's retirement this past Sunday.
Salesforce, Marvell Technology, and Okta are among the companies forecasted to release their latest quarterly financial results following Tuesday's market close. Meanwhile, West Texas Intermediate crude oil prices rose by 2.6%, reaching $69.88 a barrel during intraday trading. According to Fed Governor Adriana Kugler, the US labor market remains robust, while inflation appears to be trending towards the policymakers' 2% target, despite encountering "some bumps" along the way.
Additionally, gold prices increased by 0.3% to $2,667.40 per troy ounce, and silver saw a jump of 2.1% to $31.51 per ounce..