US open: Stocks start Q2 on back foot, data and geopolitics weigh

2nd Apr 2024 16:44

(Sharecast News) - Shares on Wall Street were trading on the back foot on their first trading day of the second quarter in response to solid economic data that had some observers musing out loud that the Fed might postpone its anticipated rate cuts.

Yet Fed funds futures were still pointing to three rate cuts by the end of 2024.

"Doubts surrounding the extent of rate cuts by the Fed, coupled with caution ahead of key economic data releases during the early part of the month, including [non-farm payrolls] and CPI, are dampening sentiment," Stephen Innes at SPI Asset Management said.

As of 1606 GMT, the Dow Jones Industrials was down by 1.09% to 39,132.56, alongside a 1.46% decline for the Nasdaq Composite to 16,158.64.

Geopolitical tensions were also acting as a drag.

Thus, gold futures were climbing 1,01% to $2,279.70/oz. on COMEX after an Israeli strike against Iranian military officials at Tehran's embassy in Syria.

Not lost on investors either, at the weekend, Polish Prime Minister, Donald Tusk, reportedly said: "I don't want to scare anyone, but war is no longer a concept from the past.

"It's real and it started over two years ago".

On the economic front, the latest JOLTS report published on Tuesday revealed that job openings were flat in February, possibly hinting at a solid jobs market.

So too, factory survey data released the day before had come in a tad ahead of economists' forecasts.

The yield on the benchmark 10-year U.S. Treasury note was five basis points higher to 4.366%.

In the corporate space, Tesla shares were falling 5% ahead of its first-quarter report, with analysts expecting the electric car maker to report an 8% annual increase in deliveries to 457,000 units.

Tumultuous trading was continuing for Trump Media & Technology Group with the shares last up by 6%.

Health insurer UnitedHealth fell 7% while rival Humana dropped 14% after the Centers for Medicare and Medicaid Services said payments for private Medicare Advantage plans would increase just 3.7% - much less than the market had hoped.

Dow Jones - Risers

Dow Chemical Co. (DOW) $58.88 1.06%

Travelers Company Inc. (TRV) $228.91 0.33%

Chevron Corp. (CVX) $159.32 0.15%

Dowdupont Inc. (DWDP) $0.00 0.00%

Verizon Communications Inc. (VZ) $42.28 0.00%

JP Morgan Chase & Co. (JPM) $198.80 -0.07%

Visa Inc. (V) $277.80 -0.17%

Procter & Gamble Co. (PG) $160.09 -0.31%

Walt Disney Co. (DIS) $121.14 -0.32%

Goldman Sachs Group Inc. (GS) $412.05 -0.35%

Dow Jones - Fallers

Unitedhealth Group Inc. (UNH) $454.29 -7.23%

Nike Inc. (NKE) $91.08 -1.60%

Intel Corp. (INTC) $43.88 -1.44%

Amgen Inc. (AMGN) $279.19 -1.36%

Walmart Inc. (WMT) $59.22 -1.30%

Cisco Systems Inc. (CSCO) $49.44 -1.20%

American Express Co. (AXP) $225.35 -0.99%

Microsoft Corp. (MSFT) $420.74 -0.90%

Walgreens Boots Alliance, Inc. (WBA) $19.38 -0.84%

Merck & Co. Inc. (MRK) $129.91 -0.82%

S&P 500 - Risers

Nektar Therapeutics (NKTR) $0.98 8.15%

Phillips 66 Common Stock (PSX) $166.32 1.82%

LyondellBasell Industries (LYB) $103.58 1.48%

VeriSign Inc. (VRSN) $191.94 1.37%

DTE Energy Co. (DTE) $112.22 1.35%

Exxon Mobil Corp. (XOM) $118.56 1.34%

Hormel Foods Corp. (HRL) $35.44 1.32%

FMC Technologies Inc. (FTI) $25.82 1.28%

Pioneer Natural Resources Co. (PXD) $267.27 1.25%

United Parcel Service Inc. (UPS) $149.29 1.13%

S&P 500 - Fallers

PVH Corp. (PVH) $107.58 -23.01%

General Electric Co. (GE) $143.40 -18.23%

Humana Inc. (HUM) $302.06 -14.05%

CVS Health Corp (CVS) $72.51 -8.85%

Unitedhealth Group Inc. (UNH) $454.29 -7.23%

Kohls Corp. (KSS) $27.31 -6.95%

VF Corp. (VFC) $14.34 -6.31%

Norwegian Cruise Line Holdings Ltd (NCLH) $19.64 -6.21%

Nordstrom Inc. (JWN) $18.97 -5.90%

Centene Corp. (CNC) $73.36 -5.65%

Nasdaq 100 - Risers

Trip.com Group Limited (TCOM) $48.88 4.10%

Automatic Data Processing Inc. (ADP) $247.65 0.95%

Kraft Heinz Co. (KHC) $37.41 0.94%

O'Reilly Automotive Inc. (ORLY) $1,140.01 0.86%

Vodafone Group Plc ADS (VOD) $8.85 0.74%

Incyte Corp. (INCY) $56.83 0.34%

Cognizant Technology Solutions Corp. (CTSH) $71.83 0.12%

Fastenal Co. (FAST) $76.68 0.11%

JD.com, Inc. (JD) $27.78 0.07%

Mylan Inc. (MYL) $0.00 0.00%

Nasdaq 100 - Fallers

American Airlines Group (AAL) $14.54 -5.65%

Tesla Inc (TSLA) $165.81 -5.37%

Align Technology Inc. (ALGN) $307.53 -3.79%

Western Digital Corp. (WDC) $68.43 -3.41%

Qurate Retail Inc. (QRTEA) $1.15 -3.36%

Autodesk Inc. (ADSK) $251.03 -3.24%

Asml Holdings N.V. (ASML) $962.01 -3.12%

KLA-Tencor Corp. (KLAC) $690.49 -2.87%

Microchip Technology Inc. (MCHP) $87.30 -2.72%

Broadcom Inc. (AVGO) $1,314.02 -2.68%