The report showed that US employers were advertising 7.2 million job openings at the end of July, fewer than economists had forecast. The number bolsters the growing sense on Wall Street that the job market may be ossifying into a low-hire, low-fire state.
A weakened job market could push the Federal Reserve to cut its main interest rate for the first time this year at its next meeting, which is scheduled for later this month. That’s the widespread expectation among traders.
Lower interest rates could give the job market and overall economy a boost, along with prices for investments. The downside is that they can also push inflation higher when Trump’s tariffs may be set to raise prices for all kinds of imports.
Trading on Wall Street was mixed outside of tech stocks, which benefited from the Alphabet ruling. Apple rose 3.1 per cent after analysts highlighted how the ruling will still allow it to sign lucrative search deals with Google.
“This is a relief, an outcome that is much better than feared for Google and for Apple,” according to Chris Marangi, co-chief investment officer of value at Gabelli Funds.
Macy’s jumped 17.6 per cent for one of the market’s bigger gains after the retailer reported stronger profit and revenue for the latest quarter than analysts expected. The owner of Bloomingdale’s delivered the best growth in an important measure of sales in three years, and it also raised its forecasts for sales and profit this fiscal year.
American Bitcoin, a bitcoin treasury and mining company linked to the Trump family, shot up 34.5 per cent in its first day of trading on the Nasdaq after completing a merger with Gryphon Digital Mining. Movements for its stock were so frenetic that trading was halted several times in the day’s first hour, and it more than doubled at one point.
Campbell’s rose 5.7 per cent after the company behind the Goldfish and V8 brands reported a stronger profit for the latest quarter than analysts expected. It also said, though, that customers are continuing to be “increasingly deliberate” and that tariffs may help drag its overall earnings lower in its upcoming fiscal year.
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On the losing end of Wall Street was Dollar Tree, even though the retailer reported better profit for the latest quarter than analysts expected. A chunk of its stronger-than-expected performance came because of the timing of tariffs, which could drag down its results in the current quarter.
Analysts also said expectations were high for the value retailer coming into its report. Its stock fell 8 per cent, slicing into its gain for the year that came into the day at a stellar 48.6 per cent.
In stock markets abroad, European indexes ticked higher following a weaker finish across much of Asia.
Japan’s Nikkei 225 fell 0.9 per cent amid uncertainty about the political future of Japanese Prime Minister Shigeru Ishiba.
AP
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