Some good news employment data failed to stir up stock markets on Tuesday as major indexes made slight moves throughout the session. Still, falling government bond yields kept one of the three major indexes afloat.
The Bureau of Labor Statistics This morning it said job vacancies fell from 9.4 million in September to 8.7 million in October – a 28-month low. The healthcare, financial and real estate sectors saw the largest declines in the number of available jobs, while the technology sector saw the largest increases.
The Job Openings and Labor Turnover Survey (JOLTS) precedes several labor market updates this week. Most notable is Friday’s nonfarm payrolls report. After a much lower than expected value in October job dataAccording to Kiplinger economist David Payne, we can expect “fewer than 200,000 net new additions.” Jobs from now on because of the general slowdown in the economy.”
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Apple gains $63 billion in market value on Foxconn news
In individual stock news Apple (AAPL) rose 2.1% today, adding $63 billion to its market cap and climbing above the $3 trillion valuation mark for the first time since August. The mega-cap stock’s rise was news. Taiwan-based Apple supplier Foxconn said fourth-quarter revenue growth is likely to be higher than previously expected due to strong demand for consumer electronics such as smartphones and tablets.
In other Apple headlines, a recent one Report in the Wall Street Journal suggests the tech giant is I’m thinking about a streaming package with Paramount Global (PARA, -2.8%). The enthusiasm comes from different companies Partner with streaming companies to offer service packages to consumers at a discount.
P&G falls due to write-offs and restructuring charges from Gillette
While Apple performed by far the best Dow Jones shares Today, Procter & Gamble (PG) was the worst. Shares of the consumer goods giant fell 3.5%, according to the company a government filing that the company will incur a loss of approximately $2.0 billion to $2.5 billion due to restructuring in certain markets and a write-down of its Gillette business, which it purchased in 2005.
As for the main indices, they are Dow Jones Industrial Average (-0.2% at 36,124) and the S&P 500 (-0.06% at 4,567) each ended the session with moderate losses. The more rate sensitive Nasdaq CompositeHowever, rose 0.3% to 14,229 as 2-year and 10-year Treasury yields fell to 4.583% and 4.176%, respectively.