Stock market today: Stocks claw back after tough September start

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• Wed, September 4, 2024 at 4:58 PM GMT+2

  Stocks climb back as investors ramp up rate cut bets

  After opening lower to start the day, all three of the major indexes were higher just before 11 a.m. ET on Wednesday.

  The S&P 500 (^GSPC) and the tech-heavy Nasdaq Composite (^IXIC) were both up 0.2%. Meanwhile, the Dow Jones Industrial Average (^DJI) added 0.4%.

  Nvidia (NVDA), which had been down as much as 3% after US regulators reportedly stepped up an antitrust probe, now rose more than 1%.

  The move higher in stocks as comes as investors are amping up bets the Federal Reserve will cut interest rates by 50 basis points in September following a weaker-than-expected reading on job openings for July.

  Markets are now pricing in a nearly 50% chance the Federal Reserve slashes interest rates by 50 basis points by the end of its September meeting, up from a 38% chance the day prior, per the CME FedWatch Tool.

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  Wed, September 4, 2024 at 4:05 PM GMT+2

  Job openings fall to lowest level since January 2021

  Job openings fell more than expected in July as investors closely watch for signs of further cooling in the labor market as the Federal Reserve nears the start of its interest rate cutting cycle.

  New data from the Bureau of Labor Statistics released Wednesday showed there were 7.67 million jobs open at the end of July, a decrease from the 7.9 million seen in June. This marked the lowest number of job openings since January 2021.

  June’s figure was revised lower from the 8.18 million open jobs initially reported. Economists surveyed by Bloomberg had expected the report to show 8.1 million openings in June.

  The Job Openings and Labor Turnover Survey (JOLTS) also showed 5.5 million hires were made during the month, a slight uptick from June. The hiring rate ticked up to 3.5% in July, up from 3.3% in June.

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  Wed, September 4, 2024 at 3:37 PM GMT+2

  Tech the lone laggard at the open

  US tech stocks extended losses on Wednesday morning, coming off a steep sell-off fueled by worries about economic growth and the AI trade amid a slide in Nvidia (NVDA) shares.

  The S&P 500 (^GSPC) fell about 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) led the losses, declining about 0.7%. Meanwhile, the Dow Jones Industrial Average (^DJI) added just less than 0.1%.

  Information Technology (XLK), led by a more than 2% decline in Nvidia (NVDA), was the lone sector underperforming the S&P 500 on Wednesday morning, sliding more than 1%.