Stocks dipped lower on Tuesday as market participants digested signs that the U.S. economy is beginning to slow. The Dow Jones Industrial Average fell nearly 200 points, while the S&P 500 Index and Nasdaq Composite lost about 0.6% and 0.5%, respectively.
Here's how the market settled on Tuesday:
S&P 500 Index (NYSE: SPY): -0.58% or -23.91 points to 4,100.60
Dow Jones Industrial Average (NYSE: DIA): -0.59% or -198.77 points to 33,402.38
Nasdaq Composite Index (NASDAQ: QQQ): -0.52% or -63.13 points to 12,126.33
The S&P 500 posted its first decline in five days as a reading of job openings fell below 10 million for the first time since May 2021, signaling that labor market is cooling in response to pressures from rising interest rates.
Available positions totaled 9.93 million in February, according to the Labor Department's monthly Job Openings and Labor Turnover Survey published Tuesday. That total marked a decline of 632,000 from January's downwardly revised print and came in below Wall Street estimates. Still, the quits rate, which is seen as a sign of labor confidence as workers have the ability to switch jobs, rose by 146,000 in February to just over 4 million.
Also in the news, JPMorgan Chase (NYSE: JPM) CEO Jamie Dimon warned in his annual letter to shareholders on Tuesday that the banking crisis triggered by the collapses of Silicon Valley Bank and Signature Bank last month will have lasting impacts for years to come.
"The current crisis is not yet over, and even when it is behind us, there will be repercussions from it for years to come," Dimon said.
"Any crisis that damages Americans' trust in their banks damages all banks -- a fact that was known even before this criss. While it is true that this bank crisis 'benefited' larger banks due to the inflow of deposits they received from smaller institutions, the notion that this meltdown was good for them in any way is absurd," Dimon added.
Elsewhere, Credit Suisse Chair Axel Lehmann apologized to shareholders on Tuesday for the bank's failure and forced takeover by UBS (NYSE: UBS). "I apologize that we were no longer able to stem the loss of trust that had accumulated over the years, and for disappointing you," Lehmann said, marking the first time the bank addressed the buyout deal publicly.
In single-stock news, Disney (NYSE: DIS) CEO Bob Iger said Florida Governor Ron DeSantis' recent actions against the company were "anti-business" and "anti-Florida," during a Disney shareholder meeting. The comments come as DeSantis asked Florida's inspector general to determine whether Disney's move to retain control over the outer limits of Orange and Osceola counties is legal, and to see if any of the company's executive were involved.
Looking ahead, market participants will react to ADP monthly jobs data for March, with Wall Street expecting that U.S. private employers added 210,000 positions for the month.