Markets in 5Wednesday, November 4
Stocks edge up as yields climb on Election Day
The S&P 500 and Nasdaq rose while the Dow fell, as chip shares gained, Treasury yields climbed with the 10-year at 4.95%, and Apple's post-earnings drop weighed on the Dow.
Stocks
S&P 500 ends three-day losing streak with 0.4% gain
The S&P 500 rose 27.52 points, or 0.4%, to close at 7,568.92, ending a three-day losing streak. The Nasdaq Composite gained 0.8% to 25,372.01 as chip stocks rose, while the Dow Jones Industrial Average fell 0.4% to 51,786.72, weighed down by Apple. Breadth was negative, with 551 gainers and 941 decliners, and the Invesco S&P 500 Equal Weight ETF fell 0.33%.
Rates
Treasury yields rise as 10-year climbs to 4.95%
The 10-year Treasury par yield closed at 4.95%, up 4 basis points from 4.91% the previous day, according to the official Treasury data. The 2-year yield finished at 4.61%, leaving the 2s10s spread at 34 basis points. Yields rose after the Bureau of Labor Statistics released its job openings figures, and the Fed has held its benchmark rate at 3.75%-4.00%.
Economy
Job openings rise to 7.52 million in September
The Bureau of Labor Statistics reported job openings of 7.52 million in September, up 333,000 from August and above the 7.15 million consensus. Openings reached a four-month high and hiring also increased, a sign of mild improvement in a labor market that remains sluggish. Wednesday's ADP private payrolls report has a forecast of 68K, against a prior 90K, and Friday's US jobs report is forecast at 63K.
Earnings
AMD and Arista rise after hours on results
Advanced Micro Devices reported third-quarter results that beat Wall Street expectations, with revenue up 45% and data center sales nearly doubling from a year earlier; the stock was up 8% in extended trading. Arista Networks gained 12% after hours as current-quarter guidance topped estimates. Apple ended down 1.90% after its results, as rising memory costs were expected to squeeze gross margins, and Shopify slid after missing revenue expectations.
Commodities
Oil falls on US-Iran diplomacy hopes, metals slip
Oil futures fell on Tuesday, giving up early gains, on optimism about diplomatic efforts toward an agreement between the US and Iran, according to The Wall Street Journal. Precious metals pulled back from the previous session's gains as volatile oil kept concerns about inflation and higher interest rates alive. U.S. natural gas futures rose on a slightly colder near-term weather outlook.