Stocks were choppy Tuesday with the main market indexes eventually settling in positive territory. Today's upside came as the latest jobs data lifted expectations for a September rate cut, while investors also combed through a fresh batch of corporate news.
Starting with the jobs data. Shortly after the open, the Bureau of Labor Statistics said job openings fell to a three-year low of 8.1 million in April, below the 8.35 million economists were expecting. The Job Openings and Labor Turnover Survey, or JOLTS, also showed hires and separations ticked higher to start the second quarter, to 5.64 million and 5.37 million, respectively.
"The rate of job openings as a share of all jobs continues to creep down, in a sign of a slightly less-tight labor market," says Elizabeth Renter, senior economist at NerdWallet. "Along with the rate of job openings per unemployed worker reaching pre-pandemic range, today's release is indicative of labor supply and demand moving into better balance."
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Signs the red-hot labor market is cooling lifted expectations that the Federal Reserve will issue its first quarter-point rate cut in September. According to CME Group's FedWatch Tool, the probability of this occurring rose to 56% following the release of the JOLTS survey from yesterday's odds of 51%.
Bath & Body Works logs worst day in three years after earnings
In single-stock news, Bath & Body Works (BBWI) was the worst S&P 500 stock today, tumbling 12.8% after the body care retailer reported earnings. This marked the retail stock's biggest one-day decline since January 2021, according to Dow Jones Market Data.
In its fiscal first quarter, Bath & Body Works said earnings were up 15% year-over-year to 38 cents per share while revenue slipped 0.9% to $1.38 billion, with both figures beating analysts' estimates. However, the company's second-quarter earnings guidance fell short.
Carnival stock leads S&P 500 gainers
At the other end of the spectrum was Carnival (CCL), which popped 5.8% to make it the best S&P 500 stock of the day. Boosting the cruise stock was news the company will fold its Australian operations into its Carnival Cruise Line.
"This change is the latest in a series of strategic moves designed to increase guest capacity for Carnival Cruise Line, the company's flagship brand and the highest-returning brand in Carnival Corporation's global portfolio," the company said in a press release.
CCL's rally had a halo effect on fellow cruise stocks Norwegian Cruise Lines (NCLH, +4.0%) and Royal Caribbean (RCL, +2.8%), which both finished the day with notable gains.
GameStop retreats after Roaring Kitty rumors
Elsewhere, GameStop (GME) gave back some of Monday's big gains, shedding 5.4%. The decline came after a report in The Wall Street Journal suggested Morgan Stanley's E*Trade is considering booting Keith Gill, aka "Roaring Kitty," off its trading platform. A Massachusetts securities regulator is also said to be looking into Gill's trading activities.
Gill and his fellow members of Reddit's WallStreetBets are often cited for sparking the massive short squeeze in early 2021 that sparked volatile trading in several highly shorted stocks. He is also credited for triggering the latest round of meme stock madness after a cryptic mid-May post on X – the first on Gill's account in three years.
As for the main indexes, the S&P 500 rose 0.2% to 5,291, the Nasdaq Composite added 0.2% to 16,857, and the Dow Jones Industrial Average rose 0.4% to 38,711.
Related content
- When Is the Next Jobs Report?
- Capital Gains Tax Explained: What It Is and How Much You Pay
- Spotify Prices Rise Again – How to Find Music Streaming Alternatives
-
Will Your State End Tax on Tips This Year?State Tax While President Trump spearheads federal talk on tips, several key states are considering ending taxes on tip income.
-
From wire fraud to fake listings, real estate scams are becoming more sophisticated. Discover how to protect yourself from common scams in 2025.Learn how to recognize and prevent the latest real estate scams.
-
Alternative Investments Under Trump: What You Need to KnowAs access to alternative markets opens up, retail investors looking to enhance their long-term financial outcomes have more opportunities to carefully consider.
-
Beware of TV/Billboard Personal Injury Law Firms: Here's WhyIf you or someone you know is tempted to hire a so-called settlement mill to handle a personal injury case, here are some reasons to reconsider.
-
How Small Businesses Can Clear the Economic Hurdles AheadShifting rules on taxes, trade and regulation are creating uncertainty for SMBs. Owners can overcome that by focusing on efficiency, flexibility and investment.
-
Stock Market Today: Dow Adds 353 Points Despite Soft Retail SalesInvestors and traders shake off another set of shaky economic numbers and send 10 of 11 sectors higher on Monday.
-
CoreWeave IPO: Should You Buy CRWV Stock?The CoreWeave IPO will mark the biggest public offering of the year, with the AI cloud company expected to start trading on the Nasdaq in late March.
-
Nvidia Stock's Been Growing for Years. Just Look At Its 100,000% ReturnNvidia shareholders have had to stomach intense volatility over the years, but they have come out on top thanks to the AI chipmaker's bellwether status.
-
10 Tax Topics Every Retiree Should Know AboutA little knowledge can go a long way toward saving on your tax bill. Print this out and take it to your tax planner so you can have a productive chat.
-
It's No Surprise That Berkshire Hathaway's in the 100,000% Return ClubWarren Buffett's fascination with the insurance industry has helped Berkshire Hathaway's stock return snowball.
