Wall Street Today | Whiplash Market Climbs, Falls, Finishes Flat Wednesday

The market was trying its best to rebound Wednesday, but mid day strength gave way to a decline by later afternoon. Still, top decliners on the Dow reversed their falls and pushed the index higher just before the close.

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.

U.S. crude oil inventories are expected to have decreased last week along with withdrawals from gasoline stocks ahead of the Labor Day holiday weekend, according to a survey by The Wall Street Journal. Commercial crude oil stockpiles are seen down by 700,000 barrels at 424.5 million barrels in the week ended Aug. 30, according to the average estimate of 10 analysts and traders. Four analysts predict an increase and six expect a fall. Expectations range from a withdrawal of 3.5 million barrels to a build of 1.7 million barrels.

The inventory data from the U.S. Energy Information Administration is scheduled for release at Thursday at 11 a.m. ET.

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.