STORY: U.S. stocks ended slightly higher on Tuesday following softer-than-expected jobs data that fueled hopes of rate cuts this year from the Federal Reserve.
The Dow added about a third of a percent, while the S&P 500 and Nasdaq both ticked up marginally.
Data on Tuesday showed U.S. job openings in April fell to their lowest level in more than three years, reflecting an easing labor market.
Chris O’Keefe is managing director and lead portfolio manager at Logan Capital Management.
“So you really can kind of see some caution coming through, and people maybe taking a little bit of a pause here, thinking about their projects for the next six or nine months. We have the Fed out there who we were sort of hoping that they might cut interest rates. I think that’s becoming a factor for people – ‘Maybe I’ll hold off on that construction project until maybe I get a better financing rate.’ And I think also inflation behind wages has been a factor. Shop to shop it is getting a little bit more expensive to hire people because wages are just that much higher.”
Stocks on the move included oil giant Exxon Mobil, which fell about 1.5%, and Chevron, which lost just under 1%, as demand concerns weighed on crude prices.
Bath & Body Works slumped nearly 13% after a lower revision to its quarterly profit forecast.
And shares of Paramount Global fell more than 4% after the media conglomerate said it was exploring strategic options or a joint venture for its Paramount+ streaming service.