Matthew Fox
Photo by TIMOTHY A. CLARY/AFP via Getty Images) US stocks snapped a four-day win streak on Tuesday as investors worry about the direction of the economy.Job openings fell below 10 million last month to the lowest level in nearly two years.Meanwhile, JPMorgan CEO Jamie Dimon warned investors that the US banking crisis is not over. Loading Something is loading.
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US stocks fell on Tuesday, ending a four-day win streak after new data hints at a slowing economy.
Job openings in the US unexpectedly fell 632,000 to 9.93 million, representing the lowest level since May 2021. There are now 1.7 job openings for every unemployed American looking from a job, down from a peak of 2.0 just a few months ago.
Additionally, ISM Manufacturing data showed a decline to 46.3 in March, representing the lowest level since May 2020 and signaling that the manufacturing sector is in contraction mode.
Investors also weren’t thrilled about what JPMorgan CEO Jamie Dimon had to say in his annual shareholder letter, in which he warned that the banking crisis is not yet over.
Here’s where US indexes stood shortly at the 4:00 p.m. ET close on Tuesday:
S&P 500: 4,100.60, down 0.58%Dow Jones Industrial Average: 33,402.38, down 0.59% (198.77 points)Nasdaq Composite: 12,126.33, down 0.52%Here’s what else happened today: 12,126.33, down
Credit Suisse’s chairman told shareholders Tuesday that he was “truly sorry” about the bank’s recent troubles, which led it to it being rescued by rival UBS.German insurers will renew coverage for the Nord Stream 1 natural gas pipeline that blew up last year after suspected sabotage.China’s yuan has surpassed the US dollar as the most traded currency in Russia as Moscow continues to deepen political and economic ties with Beijing. Shares of Virgin Orbit plummeted 23% on Tuesday after the space company filed for Chapter 11 bankruptcy this week. Apartment building sales in the first quarter of 2023 posted the steepest drop since the Great Financial Crisis, signaling that a corner of the commercial real estate market is feeling the strain of tighter lending standards.AMC Entertainment plunged as much as 23% on Tuesday after it entered a binding settlement term sheet surrounding a shareholder lawsuit about its plan to convert its APE preferred equity units into AMC common shares. In commodities, bonds and crypto:
West Texas Intermediate crude oil fell 0.12% to $80.32 per barrel. Brent crude, oil’s international benchmark, dropped 0.40% to $84.59.Gold rose 1.91% to $2,038.60 per ounce.The yield on the 10-year Treasury fell seven basis points to 3.35%.Bitcoin jumped 0.93% to $28,129, while ether jumped 3.11% to $1,865. Read next
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