US stocks trade mixed after weak job-openings data sends 10-year Treasury yield plunging

US stocks trade mixed after weak job-openings data sends 10-year Treasury yield plunging
stock market traders
  • Treasury yields fell across the curve as investors resumed the bond rally.

  • Data showing a cooler labor market reinforced investor expectations for an eventual Fed pivot.

  • Weekly jobless claims and November's jobs report will be released Thursday and Friday.

US stocks were mixed on Tuesday while Treasurys rallied, sending yields plummeting.

The 10-year Treasury rate fell under 4.2% for the first time since September, as the latest jobs data reassured traders that the Federal Reserve's rate hiking cycle is likely over as the economy shows signs of cooling off.

Jobs openings in October fell to their lowest level since 2021, data released on Tuesday showed. The month's openings fell to 8.7 million from September's 9.4 million, coming in below consensus.

"The labor market is unmistakably cooling after running red hot for the last few years," Comerica Bank Chief Economist Bill Adams said after the report, adding that hiring and turnover rates are coming back in line with pre-pandemic norms.

Although markets are indicating another Fed pause in this month's upcoming FOMC meeting, they're starting to price interest cuts as soon as January.

Further labor data this week will help inform policy outlooks. Investors can expect weekly jobless claims on Thursday, followed by November's jobs report on Friday.

Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday: 

Here's what else is going on today: 

In commodities, bonds, and crypto: 

  • West Texas Intermediate crude oil fell 0.86% to $72.41 a barrel. Brent crude, the international benchmark, dropped 1% to $77.25 a barrel.

  • Gold slid 0.25% to $2,036 per ounce.

  • The 10-year Treasury yield plummeted 11 basis points to 4.176%.

  • Bitcoin jumped 3.93% to $43,880.


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