BackGlobal markets update: US stocks jump after dip in job openings raises hopes of pause in Fed rate hike
S&P 500 gains 1.45%, Nasdaq Composite rises 1.74%, Dow Jones Industrial Average surges 0.85s%
PremiumUS stocks jumped on Tuesday, led by technology companies after fall in job openings.
The latest jobs report has raised investors’ hopes of a pause in interest rate hikes by the US Federal Reserve.
The S&P 500 gained 64.39 points, or 1.45%, at 4,497.70 points. The Nasdaq Composite rose 239.36 points, or 1.74%, at 13,943.37. The Dow Jones Industrial Average surged 294.97 points, or 0.85%, at 34,854.95.
The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) released on Tuesday showed that the number of job openings stood at 8.827 million in July, down for the third straight month.
The Fed’s next monetary policy meeting is in September.
Shares of Apple rose 2.2% and Nvidia climbed 4.2%.
The yield on the 10-year treasury eased at 4.11%, while that on the 2-year treasury slipped below 5%.
Currencies
The US dollar fell at 145.86 Japanese yen from 146.52. It rose at $1.0872 from $1.0811 against the euro.
Europe
European shares rose to a two-week high on Tuesday, led by gains in miners on strength in metal prices.
The pan-European STOXX 600 closed 1% higher.
Britain’s FTSE 100 rose 1.7% at 7,464.99. Germany’s DAX added 0.9% at 15,930.88. France’s CAC 40 edged up 0.7% at 7,373.43.
European miners jumped 2.1%.
Shares of Europe's largest bank HSBC and insurer Prudential rose 1.3% and 4%, respectively. Barclays soared 4.2%.
Real estate stocks added 1.4%.
Asia
In Asian stock markets, Hong Kong’s Hang Seng Index climbed 2% at 18,484.03. China's Shanghai Composite jumped 1.2% at 3,135.89.
Japan’s Nikkei 225 edged up 0.2% at 32,226.97.
Australia’s S&P/ASX 200 index climbed 0.7% at 7,210.50. In New Zealand, the benchmark S&P/NZX 50 index added 0.4% at 11,528.12.
Energy prices
The US crude oil benchmark for October delivery rose $1.06 at $81.16 a barrel on Tuesday. Brent crude for October delivery gained $1.07 at $85.49 a barrel.
Natural gas for September delivery fell 2 cents at $2.56 per 1,000 cubic feet.
Bullion
Gold for December delivery surged $18.30 at $1,965.10 an ounce. Silver for September delivery rose 54 cents at $24.79 an ounce.
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