On Tuesday, the NASDAQ and S&P 500 both went up, though the Dow Jones Industrial Average was slightly lower, -0.14%. Today's mixed stock markets are noteworthy in light of the latest earnings results and labour market data. The benchmark S&P 500 edged 0.16% higher, and the tech-focused Nasdaq rose 0.51%.
New information from the Bureau of Labor Statistics revealed a drop in the number of jobs. Data for September showed job openings at 7.44 million, down from the 8 million recorded in August, which was later revised to 7.6 million. This decrease in job openings indicates that the labour market is cooling, which is essential for investors, given that the Federal Reserve is due to make another interest rate decision on November 7th.
As widely expected, market participants are eager for more information on inflation rates and the additional job market figures scheduled to come out later this week, as they are expected to shape the Fed's further activity. Among these fundamental factors, corporate earnings reports are ongoing and compounding another level of uncertainty into the mix.
Investors are waiting for Alphabet's (GOOG, Financial) Q3 results, initiating the "Magnificent Seven" megacorps earnings over the course of the upcoming days. Thanks to big tech corporations' significant investments in AI businesses, investors are ready to see if such investments pay off, and Alphabet's outcome may indicate an early November stock market outlook.
