US markets end volatile session in green on Tuesday

05 Jun 2024 Evaluate

The US markets ended volatile session in green on Tuesday amid a notable decrease by treasury yields, which extended the sharp pullback seen over the past few sessions. The yield on the benchmark ten-year note closed lower for the fourth straight session, pulling back further off the nearly one-month closing high set last Wednesday. The continued advance by treasuries came amid signs of weakness in the labor market, with a report from the Labor Department showing a modest decrease in U.S. job openings in the month of April. The Labor Department said job openings fell to 8.059 million in April from a downwardly revised 8.355 million in March. Street had expected job openings to dip to 8.340 million from the 8.488 million originally reported for the previous month.

Bond traders are seemingly optimistic that the weakness in the labor market will encourage the Federal Reserve to lower interest rates in the coming months. On Friday, the Labor Department is scheduled to release its more closely watched monthly jobs report, which could have a significant impact on the outlook for the economy and interest rates. Market participants currently expect the report to show employment jumped by 190,000 jobs in May after climbing by 175,000 jobs in April, while the unemployment rate is expected to hold at 3.9 percent.

On the sectoral front, despite the modest gains posted by the major averages, gold stocks moved sharply lower on the day, dragging the NYSE Arca Gold Bugs Index down by 4.2 percent. The sell-off by gold stocks came amid a notable decrease by the price of the precious metal. Significant weakness was also visible among steel stocks, as reflected by the 3.3 percent slump by the NYSE Arca Steel Index. Energy stocks also saw considerable weakness, as the price of crude oil saw further downside after OPEC+ announced plans to increase production starting in October.

Dow Jones Industrial Average surged 140.26 points or 0.4 percent to 38,711.29, Nasdaq rose 28.38 points or 0.2 percent to 16,857.05 and S&P 500 was up by 7.94 points or 0.2 percent to 5,291.34.

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