U.S. Indexes and Yields Waver, Strong Jobs and Manufacturing Reports

Barry Adams
01 Nov, 2022
New York City

Stocks were under pressure after the release of the latest labor market survey and manufacturing survey. 

Job openings in September rose to 10.72 million from the revised 10.21 million in August and from 10.67 million a year ago, according to the latest Job Openings and Labor Turnover Survey released by the Bureau of Labor Statistics. 

The largest job openings were in accommodation and food services and in health care and social assistance. 

The closely watched jobs report is not likely to prevent the Fed's policy makers from lifting the key lending rate by 75 basis points at the end of the rate decision meeting tomorrow.   

Another report showed manufacturing expansion cooled to the slowest pace to 50.2 in October from 50.9 in September.  

The ISM Purchasing Managers Index for manufacturing dropped to the lowest level since the contraction in May 2020. 

The 50-mark line separates growth from contraction. 

The S&P 500 index declined 0.2% to 3,862.84 and the Nasdaq Composite index dropped 0.5% to 10,929.89. 

Crude oil rose $1.93 to $88.42 a barrel and natural gas decreased 71 cents to $5.64 a thermal unit. 

The yield on 2-year Treasury notes inched higher to 4.53%, 10-year Treasury notes to 4.03% and 30-year bonds to 4.12%.  

Avis Budget declined more than 7% despite the rental car company reported earnings ahead of expectations driven by the resurgent travel demand. 

Uber Technologies Inc soared 13% after the company reported better-than-anticipated earnings and estimated fourth quarter adjusted earnings ahead of expectations. 

Goodyear Tire & Rubber Co dropped 13% after the company reported weaker-than-anticipated earnings on rising product costs and negatively impacted by the surging dollar. 

European markets closed up as investors digested a fresh batch of earnings and economic news in the region. 

Germany's import price inflation cooled in September to 29.8% from 32,7% in August, according to the latest data released by Destatis Tuesday. 

UK manufacturing activities fell at the fastest pace in more than two years in October, according to the data released from S&P Global Tuesday. 

The Chartered Institute of  Procurement & Supply factory Purchasing Managers' Index decreased to 46.2 in October from 48.4 in September.

Diageo Plc gained 0.4% after the company said it is starting its stock repurchase program's fourth and final phase. 

The company intends to purchase