US stocks took a leg lower in afternoon trading on Tuesday following fresh jobs data released by the US Bureau of Labor Statistics.
Tech stocks reversed earlier gains to trade flat, with the Nasdaq Composite (^IXIC) hugging the flatline. The benchmark S&P 500 (^GSPC) dropped 0.2% while the Dow Jones Industrial Average (^DJI) fell roughly 0.4%.
A losing start to December is putting November’s roaring rally in the rearview mirror. Doubts are surfacing about the notion the Federal Reserve will soon call an end to rate hikes, sapping enthusiasm. Investors are now looking to upcoming labor market data for evidence the US economy is headed for a so-called soft landing.
Tuesday’s reading on job openings in October showed slowing demand in the labor market with job openings sliding to 8.73 million last month, down from 9.35 million openings in September and 10.47 million in the prior year.
Over the month, the number of hires and total separations changed little at 5.9 million and 5.6 million, respectively, according to the US Bureau of Labor Statistics. Within separations, quits (3.6 million) and layoffs and discharges (1.6 million) were changed little.
ADP private payrolls numbers will be released on Wednesday while Friday’s crucial monthly jobs report will be scoured for catalysts for the Fed to change policy course.
Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards
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