U.S. Indexes Hover Near Record Highs, Job Openings Increased In October

  • Barry Adams
  • U.S.A. New York City
  • Dec 3, 2024
  • U.S. major averages held steady after closing at new highs in the previous session as investors reviewed the latest update on the labor market.

    Stock market indexes on Wall Street were little changed in Tuesday's trading, following new records in the previous session.

    The S&P 500 index and the Nasdaq Composite held steady in early trading after both indexes closed at new highs in the previous session. 

    The S&P 500 index notched its 54th high in the year, following a string of positive economic reports and post-election euphoria surrounding the return of Donald Trump to the White House. 

    U.S. job openings in November increased by 372,000 to 7.744 million from a downwardly revised 7.37 million in September. 

    Over the year, the number of job openings declined by 941,000. 

    The number of job openings increased in professional and business services by 209,000, accommodation and food services by 162,000, and information by 87,000 but decreased in federal government by 26,000.

    Meanwhile, the number of hires and separations was little changed at 5.3 million in the month, the U.S. Bureau of Labor Statistics noted in the report released on Tuesday. 

    Investors are looking ahead to the release of the nonfarm payrolls report on Friday and comments from Fed Chair Jerome Powell on Wednesday and other officials later today.  

     

    U.S. Indexes and Treasury Yields

    The S&P 500 index decreased 0.02% to 6,045.46, the Nasdaq Composite rose 0.1% to 19,429.80, and the Russell 2000 index inched lower 0.1% to 2,432.13. 

    The yield on 2-year Treasury notes edged lower to 4.17%, 10-year Treasury notes inched down to 4.19%, and 30-year Treasury bonds increased to 4.37%.

    WTI crude oil increased $1.07 to $69.25 a barrel, and natural gas prices edged down 6 cents to $3.14 a thermal unit.

    Gold increased by $10.90 to $2,653.23 an ounce, and silver rose by $0.44 to $31.04. 

    The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower by 0.34 to 106.14.

     

    Stock Movers 

    Tesla Inc. declined 1.9% to $350.25, and a Delaware judge upheld the previous judgment to deny chief executive Elon Musk the right to receive a pay package worth $56 billion in 2018. 

    Following the previous judgment issued by Chancellor Kathleen McCormick in January, Tesla moved its incorporation to Texas from Delaware and ratified the annual pay plan through a shareholder vote in June. 

    Tesla sought Chancellor Kathleen to reverse her opinion after the shareholder vote. 

    “Were the court to condone the practice of allowing defeated parties to create new facts for the purpose of revising judgments, lawsuits would become interminable,” wrote McCormick in a judgment released on Monday. 

    Tesla said on a social media platform, X, it plans to appeal the decision. 

    U.S. Steel declined 5.5% to $38.70 after President-elect Donald Trump said he plans to block the company's purchase by Japan's Nippon Steel. 

    Nippon Steel has agreed to pay $14 billion, and the company has committed to keeping most of the employees on the payroll after the acquisition. 

    Credo Technology Group soared 33.5% to $64.01 after the high-speed connectivity solutions provider reported fiscal second quarter results. 

    Revenue in the quarter ending on November 2 increased 63.6% to $72 million from $59.7 million, net loss shrank to $4.2 million from $9.4 million, and diluted loss per share eased to 3 cents from 6 cents a year ago. 

    Zscaler declined 5.4% to $197.25 after the company's fiscal second quarter outlook fell short of market expectations. 

    Revenue in the fiscal first quarter ending in October rose 26% to $628 million from $496.7 million, net loss shrank to $12 million from $33.5 million, and diluted loss per share eased to 8 cents from 23 cents a year ago. 

    The company estimated revenue in the fiscal 2025 second quarter to range between $633 million and $635 million and adjusted earnings per share between 68 cents and 69 cents. 

    For the full year 2025, the company estimated revenue between $2.623 billion and $2.643 billion and adjusted earnings per share to range between $2.94 and $2.99. 

Annual Returns

Company Ticker 2024 2023 2022
Tesla Inc TSLA -6% 48% -84%
United States Steel Corporation X -16% 88% 10%
Credo Technology Group Holding Ltd. CRDO 43% 34% 0%
Zscaler Inc. ZS -19% 83% -62%