Wall Street Today | US Job Openings Decline to 8.83 Million, Lowest Since Early 2021
MACRO
US Job Openings Decline to 8.83 Million, Lowest Since Early 2021
US job openings fell in July by more than expected to a more than two-year low, offering fresh evidence that labor demand is cooling.
The number of available positions decreased to 8.83 million from 9.17 million in June, the Bureau of Labor Statistics' Job Openings and Labor Turnover Survey, or JOLTS, showed Tuesday. It marked the sixth decline in the last seven months.
Treasuries Surge as Weak Data Prompts Paring of Rate-Hike Wagers
Treasury yields slumped to the lowest levels in more than a week after bigger-than-expected declines in gauges of job creation and consumer confidence prompted bond traders to assign lower odds to another Federal Reserve interest-rate hike this year.
Short-maturity yields, more sensitive to changes in the Fed’s rate, led the move, with the two-year rate sliding as much as 13 basis points below 4.87%, the lowest for a security of that tenor since Aug. 11. The two-year note was sold via an auction on Monday that drew 5.024% and the rally in the sector was powered in part by a large block futures buyer in the aftermath of the data.
Wall Street Reels From Painful Month as Winning Trades Sour
A slew of interest rate-sensitive investing strategies took a beating through August as bets faded that the US Federal Reserve was on the cusp of easing monetary policy.
From buying meme stocks and dumping the dollar to betting against swings in stock prices, a swath of popular trades have become losers; stocks have bled more than $5.5 trillion while a bond rout pushed yields to the highest in more than a decade. Among the winners: Hedge funds betting that bond yields will rise anew.
SECTORS
Oil Rises as Risk-On Mood Outweighs Increased Russian Flows
West Texas Intermediate edged above $81 a barrel, swinging in a more than 2% range amid thin summer trading volumes. Russia's seaborne crude flows soared to an eight-week high, restraining gains driven by rising equities.
Physical markets continue to show signs of tightness. Stockpiles at the key storage hub of Cushing, Oklahoma, have declined to the lowest level since January, and refined products are also trading at large premiums to crude as the US tropical storm season picks up.
Semiconductor Stocks Are Surging
Semiconductor stocks are surging following a recent pullback — and it may be time for investors to start buying again.
That reflects the long-term fundamental care for the stocks as well. "The semiconductor industry is now in the midst of a revival, primarily induced by the surge in AI-centric technological advancements," writes Evercore ISI strategist Julian Emanuel.
COMPANY
U.S. Steel Updates Sale Process. Who Is Bidding Isn't Clear
Tuesday, $United States Steel (X.US)$ updated investors about a strategic review it disclosed this month. In a letter posted on the steel company's website, management said they are entering customary confidentiality agreements with third parties, starting due diligence, and are focused on maximizing shareholder value.
It isn't certain if $Cleveland-Cliffs (CLF.US)$ is one of the parties signing a confidentiality agreement. U.S. Steel declined to disclose who was signing, while Cliffs didn’t respond to requests for comment.
Nvidia's Stock Closes at Record High, Scores $1.2 Trillion Market Cap
$NVIDIA (NVDA.US)$ shares are back on track to try to turn in their best year ever after closing at a record high Tuesday, as the company reached a $1.2 trillion market capitalization for the first time.
After an initial show of strength, Nvidia walked back gains following its blowout earnings report last week, when the graphics-processing-units maker topped Wall Street's data-center sales estimates by more than $2 billion for the quarter, and forecast revenue for the current quarter of more than $3 billion above expectations.
Apple Sets the Date for Its Special Event. New iPhones Are Likely
Apple has scheduled a product launch event for Sept. 12 at 10 a.m. Pacific time, almost certainly to be highlighted by the debut of the iPhone 15.
The event will be broadcast from the company's Apple Park campus in Cupertino, Calif., and will be available to view on the apple.com website.
PDD Posts Jump in 2Q Sales, Cites Consumer Strength
Adjusted earnings per ADS came to $1.44, topping analysts' expectations for adjusted earnings of $1.00 a share, according to FactSet.
Revenue surged 66% to $7.21 billion. Analysts surveyed by FactSet had expected sales of $5.95 billion.
Best Buy Tops Estimates, Sees Consumer Electronics Demand Improving Next Year
$Best Buy (BBY.US)$ stock was rising Tuesday after the electronics retailer beat fiscal second-quarter estimates and said it expected demand for consumer electronics to pick up.
The company posted earnings of $1.22 a share from revenue of $9.58 billion. Analysts surveyed by FactSet were expecting Best Buy to report earnings of $1.06 a share on revenue of $9.52 billion. In the year-ago quarter, Best Buy turned in earnings of $1.54 a share from $10.6 billion of revenue.
Source: Bloomberg, Dow Jones, CNBC, Financial Times
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Chak : No slowly people will pump Apple. I’m just before the day of the event or couple of days before they will talk.
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affable Blobfish_403 : The rebound in inflation is hard to conceal.
104235293 : nice