(New York) The New York Stock Exchange opened lower on Tuesday after a hesitant start to June, while awaiting news from the labor market in the United States.
The Dow Jones index fell 0.04%, the NASDAQ dropped 0.33% and the broader S&P 500 index fell 0.25% around 9:55 a.m.
The day before the indices had ended without a clear direction, shaken by a disappointing manufacturing activity indicator.
The Dow Jones lost 0.30% to 38,571.03 points. The NASDAQ gained 0.56% to 16,828.67 points and the S&P 500 rose 0.11% to 5283.40 points.
“Investors are waiting for more data that could increase concerns about the health of the economy,” said Art Hogan of B. Riley Wealth Management.
“After Monday’s figures showed that factory production slowed, attention now turns to a report that is expected to show a monthly decline in job openings,” he said, referring to the JOLTS survey of the Ministry of Labor on job offers.
Analysts expect 8.4 million offers instead of 8.5 million last month for this index published in the morning.
These data will precede the monthly ADP private sector employment survey on Wednesday and especially the official employment figures for May on Friday.
The weakness of manufacturing activity, which contracted for the second month in a row, according to the ISM survey published on Monday, has however given some impetus to bonds whose prices rise when yields fall.
Thus, the ten-year rate fell to 4.35% against 4.38% the day before.
On the stock side, the online bank Axos Bank collapsed 13.02% around 9:40 a.m. (Eastern time) while a brief report from the short-selling fund Hindenburg Research, which is betting on the decline on Axos, suggests that the establishment is very exposed to risky assets such as commercial real estate loans.
A host of banks were swept away by this current such as Western Alliance Bank Corporation (-1.31%), Custormers Bancorp (-1.12%), BankUnited (-1.71%).
Among large institutions, Bank America lost 0.28%, Citigroup 0.87%.
Nine of the eleven sectors of the S&P were in the red, starting with energy (-1.59%) which followed the sharp drop in crude prices, while the oil market digested the decision of OPEC+ to gradually reduce to from October its production reductions.
Only real estate (+0.14%), thanks to a slight decline in bond rates, as well as consumer items (+0.17%) remained slightly in the green.
The action of the entertainment group Paramount Global, which owns the American channels CBS and MTV, returned a little (-1.99%) of what it had gained the day before. On Monday, CNBC reported that Paramount’s controlling shareholder, Shari Redstone, has reached an agreement with the studio Skydance Media, which will merge the two entities.
Perceived as the smallest of the great actors of television and streamingParamount Global has been the object of desire for many months.
The highly speculative action of the video game store chain GameStop fell by almost 9% after being catapulted (+21%) the day before by a message from stock marketer Keith Gill called “Roaring Kitty”, at the origin of the “meme stocks” movement.
According to Wall Street Journalthe online brokerage platform E Trade, owned by Morgan Stanley, would be tempted to ban “Roaring Kitty” from accessing the platform, accusing it of stock manipulation.