Wall Street Live: S&P 500, Nasdaq rise, Dow Jones dips after weak private jobs data, Tesla jumps on Q2 sales | Stock Market News
US stock indices were mixed on Wednesday after weak US private jobs data, while Tesla shares surged sharply after its second quarter sales report.
As of 12:30 PM Eastern time, the S&P 500 was up 0.3%, the Dow Jones Industrial Average was down 0.1%, and the Nasdaq Composite was 0.8% higher.
As of 10:15 AM Eastern time, the S&P 500 was edging up by 0.1%, the Dow Jones Industrial Average was down 0.3%, and the Nasdaq Composite was 0.5% higher.
At the opening bell, the Dow Jones Industrial Average fell 39.3 points, or 0.09%, to 44455.66. The S&P 500 fell 4.1 points, or 0.07%, to 6193.88, while the Nasdaq Composite dropped 18.5 points, or 0.09%, to 20184.374.
ADP National Employment Report showed that US private jobs unexpectedly fell in June and job gains in May were smaller than initially thought.
“Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month,” said Nela Richardson, chief economist at ADP.
The weaker-than-expected jobs data fuelled expectations that the US Federal Reserve may slash interest rates sooner than expected.
Fed Chair Jerome Powell on Tuesday reiterated that the central bank is taking a patient approach to further interest rate cuts.
In the bond market, the yield on the 10-year Treasury rose to 4.29% from 4.26%. The 2-year Treasury yield dipped to 3.76% from 3.78%.
Gainers and Losers
Tesla stock jumped 4.3% after the electric vehicle maker said it delivered nearly 374,000 of its Model 3 and Model Y cars in the second quarter.
Constellation Brands stock rose 2% despite reporting a weaker quarterly profit.
Centene shares tumbled 38.1% after the health care company withdrew its forecasts for annual profit.
Bullion
Gold prices rose on Wednesday on weak jobs data.
Spot gold was up 0.3% at $3,347.59 per ounce, as of 1246 GMT. US gold futures rose 0.3% to $3,358.10.
Spot silver rose 0.7% to $36.33 per ounce, platinum was up 1.9% to $1,375.91, while palladium gained 1.9% to $1,120.87.
Oil prices gained on Wednesday as traders turn their focus to the US stockpiles and OPEC meeting.
Brent crude was at $68 a barrel, while West Texas Intermediate rose to $66.
