US: Stocks shake off gloomy data to stage small rebound

US STOCKS bounced back from an early morning dip to close higher on Tuesday (Jun 4), as fresh data showed United States job openings slipped in April to their lowest level since February 2021.

The Labor Department’s jobs opening and labour turnover survey saw vacancies slip to just under 8.1 million, 300,000 less than a month earlier, and well below market expectations, according to Briefing.com.

The data suggest there is more slack in the labour market, which would support calls for the Federal Reserve to start cutting interest rates from their current multi-decade highs.

The Dow Jones Industrial Average closed up 0.4 per cent at 38,711.29, while the broad-based S&P 500 rose 0.2 per cent to 5,291.34.

The tech-rich Nasdaq Composite Index also rose by 0.2 per cent to close at 16,857.05.

“We have a turnaround in the market,” Peter Cardillo from Spartan Capital said, adding that the market had reversed course, while some US Treasury yields fell.

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“We had factory orders which came in line with market expectations and there were less jobs openings, a sign that the labour market is unwinding a bit, and that’s also why we are seeing the yield going lower,” he added.

Among individual companies, Bath & Body Works extended its earlier slide to close the day down 12.8 per cent, while the cruise line company Carnival jumped 5.8 per cent. AFP