US: Stocks mixed as job market tightens

WALL Street stocks finished mixed on Tuesday after data suggesting a cooling of the US jobs market sent Treasury yields lower.

Labor Department data showed a drop of more than 600,000 job openings at the end of October, offering further indication that the US economy is cooling.

The figures “sent the message that we are clearly seeing this resilient labor market ease a bit, which is something positive for monetary policy,” said Art Hogan of B Riley Wealth Management.

The Dow Jones Industrial Average finished 0.2 per cent lower at 36,124.56.

The broad-based S&P 500 slipped 0.1 per cent to 4,567.18, while the tech-rich Nasdaq Composite Index added 0.3 per cent at 14,229.91.

In other economic reports Tuesday, the services index of the Institute for Supply Management rose slightly in November, topping analyst estimates.

A total of 15 services industries reported growth in November, while three saw declines.

Among individual companies, CVS Health jumped 3.7 per cent as it announced plans to simplify its model for selling pharmaceuticals.

Procter & Gamble fell 3.5 per cent after announcing charges of between US$2.0 billion and US$2.5 billion due to a restructuring in emerging markets and a write-down in the value of its Gillette brand.

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Charter Communications sank 8.7 per cent after the company’s chief financial officer confirmed at an investor conference that the company’s broadband business experienced a “soft” November.

Other cable companies such as Comcast and Dish Network also fell.

Take-Two Interactive Software edged down 0.5 per cent after a video trailer for its Grand Theft Auto VI game generated millions of views on YouTube. The game, featuring a first woman lead character and, is targeted for a 2025 release. AFP