The Dow Jones Industrial Average rose over 100 points, while the rest of the broader market ticked higher, as market participants looked ahead towards a week full of labor market data to start June. The S&P 500 Index and Nasdaq Composite advanced 0.15% and 0.17%, respectively.
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Moving Markets:
The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) fell by a more-than-expected 19% year-over-year to 8.06 million positions in April, signaling potential weakness in the labor market. The month's total was the lowest since February 2021, with the ratio of job openings to available workers ticking down from 1.2 to 1; ratio is about where it was before the COVID pandemic.
"Note that much of the decline in openings was driven by health care and social assistance, where hires and quits rose most sharply. In other words, the decline could be more of a statistical blip than a warning sign," Julia Pollack, chief economist at the job posting website ZipRecruiter, wrote in a note Tuesday.
Market participants are gearing up for more job market news this week, with ADP's private payrolls estimate for May slated for release on Wednesday, while the Labor Department's monthly print is due out Friday morning. Analysts expect ADP's report to show 175,000 positions in May, down from 192,000 in April, while the Labor Department is expected to report growth of 190,000, above April's print of 175,000.
Elsewhere, GameStop
In the News:
Intel
Intel also revealed the prices for its Gaudi 2 and Gaudi 3 AI accelerators are lower than rival chips from companies like Nvidia
"Customers are looking for high performance, cost-effective gen AI training and inferencing solutions. And they've started to turn to alternatives like Gaudi. They want choice. They want open software and hardware solutions and time to market solutions at dramatically lower TCOs [total cost of ownership]," Gelsigner said, quoted by CNBC.
Warner Bros. Discovery
The price of the streaming company's ad-free tier will increase by $1 per month to $16.99, with the yearly billed option rising by $20 to $169.99 per year. For its ultimate ad-free plan -- which allows for more devices and downloads than its other plans -- will also increase by $1 per month to $20.99 or $10 per year to $209.99 when paid in full. The ad-supported tier will remain at $9.99 per month or $99.99 per year.
On the Earnings Front:
Bath & Body Works
For Wednesday:
All eyes will be on ADP's private payrolls report due out Wednesday morning, as well as the S&P flash U.S. services PMI and ISM services readings for May. Earnings reports from CrowdStrike