US close: Stocks slip on first day of second quarter

2nd Apr 2024 22:37

(Sharecast News) - Wall Street closed in the red on the first trading day of the second quarter on Tuesday, as some robust economic data sparked speculation about potential delays in anticipated Federal Reserve rate cuts.

At the close, the Dow Jones Industrial Average was down 1% to 39,170.24 points, while the S&P 500 followed suit with a 0.72% drop to end the day at 5,205.81 points.

The tech-heavy Nasdaq Composite also saw a decline, closing down 0.95% at 16,240.45 points.

In currency markets, the dollar was stable against sterling and the yen at 79.51p and JPY 151.56, while it decreased 0.01% on the euro to change hands at 92.84 euro cents.

"Monday's stronger-than-expected US ISM factory activity and a rebound in new orders for manufacturing goods in Europe and the US led to US yields nearing three-month highs," said IG senior market analyst Axel Rudolph.

"They did so amid worries that inflation might return, provoking a sell-off in equities following their strong first quarter rally.

"While the gold price hit a new record high on Tuesday, with the silver price playing catch up and nearing its December and March peaks, the oil price remains on track for its fourth straight day of gains amid heightened geopolitical tensions in the Middle East."

Job openings see little change in February

In economic news, the US saw little change in the number of job openings in February, suggesting a stagnant job market.

According to the Department of Labor, the seasonally-adjusted data showed a marginal 0.1% increase in job openings, bringing the total to 8.756 million.

January's initial estimate of job openings was revised downward from 8.863 million to 8.748 million.

On a positive note, hiring saw a 2.1% uptick compared to the previous month, reaching 5.82 million.

However, the quits rate, which measures voluntary separations, remained steady at 2.2%.

Total separations grew by 38,000 to 3.484 million, indicating a modest increase in job turnover.

Tesla, health insurers in the red, Trump rollercoaster continues

In equities, Tesla shares tumbled 4.9% following the company's announcement of a decline in deliveries for the first time in nearly four years, falling short of Wall Street estimates.

UnitedHealth Group and Humana both experienced significant declines, with UnitedHealth dropping by 6.44% and Humana plunging by 13.41%.

The downturn followed an announcement by the Centers for Medicare and Medicaid Services indicating a smaller-than-expected increase of 3.7% in payments for private Medicare Advantage plans.

On the upside, Trump Media & Technology Group saw a positive movement, with shares surging by 6.04% as the turbulence surrounding the company since its listing last week continued.

Reporting by Josh White for Sharecast.com.

Dow Jones - Risers

Dow Chemical Co. (DOW) $59.29 1.77%

Walt Disney Co. (DIS) $122.82 1.06%

Verizon Communications Inc. (VZ) $42.54 0.61%

Salesforce.Com Inc. (CRM) $304.00 0.58%

Chevron Corp. (CVX) $159.78 0.44%

Caterpillar Inc. (CAT) $364.83 0.30%

Visa Inc. (V) $278.44 0.06%

Dowdupont Inc. (DWDP) $0.00 0.00%

Procter & Gamble Co. (PG) $160.55 -0.01%

Johnson & Johnson (JNJ) $157.81 -0.03%

Dow Jones - Fallers

Unitedhealth Group Inc. (UNH) $458.14 -6.44%

Walgreens Boots Alliance, Inc. (WBA) $18.72 -4.20%

Amgen Inc. (AMGN) $276.21 -2.41%

Nike Inc. (NKE) $90.95 -1.74%

Walmart Inc. (WMT) $59.16 -1.40%

Home Depot Inc. (HD) $363.00 -1.37%

Cisco Systems Inc. (CSCO) $49.36 -1.36%

Intel Corp. (INTC) $43.94 -1.30%

3M Co. (MMM) $92.84 -1.26%

American Express Co. (AXP) $225.53 -0.91%

S&P 500 - Risers

Nektar Therapeutics (NKTR) $0.95 5.08%

Phillips 66 Common Stock (PSX) $169.49 3.77%

FMC Technologies Inc. (FTI) $26.36 3.41%

Marathon Petroleum Corporation (MPC) $211.38 3.41%

Valero Energy Corp. (VLO) $177.22 2.65%

Freeport-McMoRan Inc (FCX) $48.38 2.22%

McCormick & Co. (MKC) $78.27 2.15%

Pioneer Natural Resources Co. (PXD) $269.39 2.08%

LyondellBasell Industries (LYB) $104.17 2.07%

Exxon Mobil Corp. (XOM) $119.28 1.96%

S&P 500 - Fallers

PVH Corp. (PVH) $108.68 -22.22%

General Electric Co. (GE) $136.47 -22.18%

Humana Inc. (HUM) $304.33 -13.41%

Hanesbrands Inc. (HBI) $5.12 -10.80%

Norwegian Cruise Line Holdings Ltd (NCLH) $19.26 -8.02%

CVS Health Corp (CVS) $73.82 -7.21%

Centene Corp. (CNC) $72.45 -6.82%

VF Corp. (VFC) $14.28 -6.67%

American Airlines Group (AAL) $14.40 -6.55%

Unitedhealth Group Inc. (UNH) $458.14 -6.44%

Nasdaq 100 - Risers

Trip.com Group Limited (TCOM) $48.91 4.15%

Meta Platforms Inc. (META) $497.37 1.23%

Vodafone Group Plc ADS (VOD) $8.88 1.02%

Automatic Data Processing Inc. (ADP) $247.66 0.96%

Kraft Heinz Co. (KHC) $37.39 0.89%

O'Reilly Automotive Inc. (ORLY) $1,140.21 0.88%

Paychex Inc. (PAYX) $122.08 0.38%

Liberty Global plc Series A (LBTYA) $16.66 0.36%

JD.com, Inc. (JD) $27.81 0.18%

Liberty Global plc Series C (LBTYK) $17.28 0.12%

Nasdaq 100 - Fallers

American Airlines Group (AAL) $14.40 -6.55%

Qurate Retail Inc. (QRTEA) $1.13 -5.04%

Tesla Inc (TSLA) $166.63 -4.90%

Walgreens Boots Alliance, Inc. (WBA) $18.72 -4.20%

Autodesk Inc. (ADSK) $248.71 -4.14%

Sirius XM Holdings Inc (SIRI) $3.69 -3.66%

Biogen Inc (BIIB) $207.64 -3.35%

Intuitive Surgical Inc. (ISRG) $382.36 -3.17%

Illumina Inc. (ILMN) $128.52 -3.16%

Western Digital Corp. (WDC) $68.83 -2.85%