S&P 500, Nasdaq fall as job openings tick higher in November

US stocks reversed early gains as cautious investors weighed new jobs data in the midst of Nvidia’s (NVDA) big AI plans.

The benchmark S&P 500 (^GSPC) fell around 0.2% while the tech-heavy Nasdaq Composite (^IXIC) lost roughly 0.7%. The Dow Jones Industrial Average (^DJI) remained the only index in the green, up about 0.2%.

An update on JOLTS job openings in November showed openings rose more than expected. New data from the Bureau of Labor Statistics released Tuesday showed there were 8.1 million jobs open at the end of November, an increase from the 7.84 million seen in October.

The October figure was revised higher from the 7.74 million open jobs initially reported. Economists surveyed by Bloomberg had expected Tuesday’s report to show 7.74 million openings in November.

Also in Tuesday’s report, the quits rate, a sign of confidence among workers, fell to 1.9% from the 2.1% seen in October. Total quits decreased to 3.07 million from 3.28 million seen in October.

The data sets the stage for Friday’s all-important December jobs report. In recent days, Fed officials have signaled they would take a more gradual approach to cuts, given resilience in the jobs market and persistent inflation.

In corporates, Nvidia shares reversed gains to fall over 4% after hitting a record high close. Nvidia CEO Jensen Huang’s CES keynote on Monday revealed a new AI superchip among other planned products.

Despite Nvidia’s declines, other chip stocks extended their rally, with Micron Technology (MU) up about 4% and Asia names making gains.

Meanwhile, the watch is on for more clarity around Donald Trump’s tariff agenda. The president-elect on Monday denied a Washington Post report that his team is considering more targeted measures — which would be more promising for global growth.

LIVE 4 updates

  • Job openings increase more than expected in November

    Job openings rose more than expected in November as investors continue to dissect the pace of the labor market slowdown amid questions over how much further the Federal Reserve will slash interest rates this year.

    New data from the Bureau of Labor Statistics released Tuesday showed that 8.1 million jobs were open at the end of November, an increase from the 7.84 million in October.

    The October figure was revised higher from the 7.74 million open jobs initially reported. Economists surveyed by Bloomberg had expected Tuesday’s report to show 7.74 million openings in November

    The Job Openings and Labor Turnover Survey (JOLTS) also showed 5.27 million hires were made during the month, down from the 5.39 million made during October. The hiring rate fell to 3.3% from 3.4% in October. Also in Tuesday’s report, the quits rate, a sign of confidence among workers, fell to 1.9% from 2.1% in October. Total quits decreased to 3.07 million from 3.28 million in October.

  • Alexandra Canal

    Stocks open higher

    US stocks edged higher on Tuesday, with Nvidia (NVDA) once again lifting market sentiment.

    The benchmark S&P 500 (^GSPC) inched up 0.3%, holding near tech-fueled prior-session gains. The Dow Jones Industrial Average (^DJI) also rose 0.3%, while those on the tech-heavy Nasdaq Composite (^IXIC) added around 0.2%.

  • Laura Bratton

    Nvidia rallies after CEO unveils AI superchip, robotics tech at CES

    Nvidia (NVDA) stock rose as much as 2.5% in premarket trading following CEO Jensen Huang’s keynote at the tech industry’s annual CES trade show in Las Vegas late Monday.

    Huang’s presentation gave a flurry of updates on upcoming Nvidia products that preview what’s next in the burgeoning artificial intelligence market and other emerging technologies.

    Nvidia shares closed at a record high of $149.43 Monday ahead of Huang’s keynote — eclipsing its prior record close of $148.88 reached back on Nov. 7.

    Read more here.

  • Good morning. Here’s what’s happening today.

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