US stocks close lower after job data; UBER, SOFI surge

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Wall Street ended the session lower for the second straight day on Tuesday, November 1, after stronger-than-anticipated job data raised concerns among traders that the Federal Reserve may continue its aggressive campaigns.

The S&P 500 fell 0.41 per cent to 3,856.10. The Dow Jones was down 0.24 per cent to 32,653.20. The NASDAQ Composite lost 0.89 per cent to 10,890.85, and the small-cap Russell 2000 rose 0.25 per cent to 1,851.39.

The US Bureau of Labor Statistics report showed that job openings surged unexpectedly in September, which might again fuel wage gains while giving reason to the central bank in continuing with their hawkish moves.

The US job openings rose to 10.7 million in September, from 10.3 million in the prior month, the survey showed. The report seemed to have dented hopes that the Federal Reserve may ease its aggressive campaigns in the coming months.

Now, the market participants would keep a close watch on the two-day meeting of the Fed, starting on November 1. Many investors are hoping for another 75 bps point hike announcement by the policymakers at the conclusion of the meeting on November 2.

The energy and utilities were the top gainers in the S&P 500 index on Tuesday, November 1. Five of the 11 segments of the index stayed in the positive territory. The consumer discretionary and communication services sectors were the laggards.

Shares of Uber Technologies, Inc. (NYSE: UBER) rose over 12 per cent on Tuesday, after the ride-hailing firm reported strong quarterly earnings results while providing upbeat guidance for the final quarter of the fiscal year.

SoFi Technologies, Inc. (NASDAQ: SOFI) jumped over five per cent on November 1, after the online personal finance and banking company reported a smaller loss for the quarter than previously anticipated and strong revenue. In addition, SoFi Technologies also issued strong guidance.

In the energy sector, Exxon Mobil Corporation (XOM) gained 1.05 per cent, ConocoPhillips (COP) rose 1.34 per cent, and TotalEnergies SE (TTE) added 1.97 per cent. Equinor ASA (EQNR) and Occidental Petroleum Corporation (OXY) surged 2.55 per cent and 1.75 per cent, respectively.

In consumer discretionary stocks,, Inc. (AMZN) decreased by 5.52 per cent, Toyota Motor Corporation (TM) fell 2.62 per cent, and Pinduoduo Inc. (PDD) declined by 1.71 per cent. Chipotle Mexican Grill, Inc. and Hilton Worldwide Holdings Inc. (HLT) plunged 1.37 per cent and 1.13 per cent, respectively.

Futures & Commodities

Gold futures were up 0.56 per cent to US$1,649.85 per ounce. Silver increased by 2.60 per cent to US$19.617 per ounce, while copper rose 2.68 per cent to US$3.4655.

Brent oil futures increased by 1.85 per cent to US$94.53 per barrel and WTI crude was up 2.02 per cent to US$88.28.

Bond Market

The 30-year Treasury bond yields were down 2.31 per cent to 4.109, while the 10-year bond yields fell 0.66 per cent to 4.050.

US Dollar Futures Index increased by 0.01 per cent to US$111.435.



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