Moovin Stonks | Job Openings Fall, Market Rebounds a Little

Kevin Travers joined discussion · Sep 4, 2024 22:57

Moovin Stonks | Job Openings Fall, Market Rebounds a Little

Good morning, traders. Happy Wednesday, September 4th. The market is trying to remain in the positive Wednesday after Tuesdays start of the month drop. Boeing and Nvidia were back on the rise, though the rebound was not felt throughout the entire market.

My name is Kevin Travers; here is a quick update of stories moving on the U.S. stock market today.

$Dollar Tree (DLTR.US)$ stock was falling 18%, the lowest on the S&P 500 and Nasdaq 100 after the company reported worse-than-expected second-quarter 2024 earnings. The discount variety stores chain reported an adjusted EPS of $0.67, missing the consensus of $1.04, and down 26.4% year over year.

$Gitlab (GTLB.US)$ climbed 20% Wednesday after the dev platform hiked its full-year guidance Tuesday after the bell. GitLab now sees adjusted earnings of between 45 and 47 cents a share on sales of between $742 million and $744 million for the fiscal year 2025. That's up from previous guidance of adjusted earnings of between 34 cents and 37 cents a share.

Meanwhile Cybersecurity company $Zscaler (ZS.US)$ fell 16%, another after its profit guidance came up short despite better-than-expected results. Zscaler posted adjusted earnings of 88 cents a share on revenue of $593 million in the quarter. It now expects adjusted earnings per share of between $2.81 and $2.87 for the full fiscal year, below analyst estimates.

$Dick's Sporting Goods (DKS.US)$ fell 6% after the sports retailer beat earnings estimates Wednesday morning, but reported guidance below high retail expectations. The company continues to forecast sales of $13.1 billion to $13.2 billion. The Street is looking for revenue of $13.24 billion and same-store sales growth of 2.9%.

Investors are waiting for tech giants $Broadcom (AVGO.US)$ and $DocuSign (DOCU.US)$ earnings Thursday.

Ten out of 11 sectors of the S&P 500 were in the red Wednesday. $Crude Oil Futures(APR5) (CLmain.US)$ fell again, below $69/barrel reaching a price not seen since 2023.

$Bitcoin (BTC.CC)$ hovered near $57k, Gold pulled back from its high. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ continued to fall, the 2-year nearly below the 10 at one point for seconds right after 10 am ET, leading to a positive yield curve for the first time since 2022, Bloomberg reported.

A yield curve is the relationship between short term and long term yields, and for two years it has been inverted: higher yields in the short term than the long-term. Economists and speculators alike see inverted yield curves as signs of economic strife.

The market is trying its best to rebound some from Tuesday's fall.

Just past 10:12 am ET the $S&P 500 Index (.SPX.US)$ traded down 0.06%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.25% with a rebound from companies like $Boeing (BA.US)$, and the $Nasdaq Composite Index (.IXIC.US)$ continued to fall 0.40%.

Wednesday, the JOLTS job openings came in lower than expected at 7.6M vs 8M. It is the lowest hiring data for open positions since 2021.

Tuesday, both the S&P PMI and ISM PMI index numbers came out lower than estimated, with ISM at 47.2 vs 47.5 and S&P at 47.9 vs 48, compared to last months 46.8 and 49.6 respectively.

In macroeconomics this week, investors are awaiting initial and continuing jobless claims figures from the Department of Labor Statistics Thursday, and the Unemployment rate and nonfarm payrolls from the Bureau of Labor Statistics Friday. The market is watching for signs of labor softness that could hurt stock prices, but help the chances of an FOMC rate cut during the committee's upcoming September 17-18 meeting.

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Yesterday, users were discussing inflation, and rate cuts' effects on stock prices. Investors are excited to see how the FOMC meeting this month plays out.

Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!

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