Wall Street finished mixed on Tuesday after fresh employment data bolstered bets that the U.S. Federal Reserve will cut interest rates as soon as March.
Market Snapshot
The S&P 500 declined 0.06% to end the session at 4,567.18 points. The Nasdaq gained 0.31% to 14,229.91 points, while Dow Jones Industrial Average declined 0.22% to 36,124.56 points.
Market Movers
GitLab stock soared 11% after the software-development group posted its first-ever profit on an adjusted operating metric. The company reported third-quarter results ahead of analyst expectations late Monday, adding that its artificial-intelligence capabilities were making software engineers more productive.
Charter Communications sank 8.7% after its chief financial officer said it could see negative broadband net adds in the fourth quarter, according to multiple media reports. Other cable company stocks tumbled, with Comcast down 3.4%, Walt Disney 1.3% lower, and Liberty Broadband off 8.9%.
Albemarle fell 5.6% to $113.25. Piper Sandler downgraded the lithium mining giant to Sell from Hold and lowered its price target to $128 from $140.
Signet Jewelers rose 5.9% after beating earnings expectations as cost-saving measures start taking effect.
Nokia shares dropped 5.06% after AT&T said it would work with rival Ericsson to launch commercial-scale open radio access network (Open RAN) deployment across the U.S. Nokia said revenue in its mobile networks division is expected to decrease across the next two to three years, with AT&T accounting for 5% to 8% of net sales in that business so far this year. Ericsson stock gained 4%.
J.M. Smucker rose 3.3% after the maker of jams and jellies posted better-than-expected adjusted fiscal second-quarter earnings.
CVS Health gained 3.7% after the retail pharmacy provided fiscal 2024 revenue guidance above estimates, and announced plans to improve its pharmacy business.
PayPal Holdings fell 3.2% to $57.94 after BMO Capital Markets analyst Rufus Hone assumed coverage of the payment company at Market Perform with a price target of $65. Block tipped 0.2% lower to $64.89 after the same analyst assumed coverage at Outperform with a price target of $84.
American depositary receipts of NIO gained 1.5%, rising after the company reported better-than-expected third-quarter results amid a price war in the Chinese electric-vehicle industry and issued decent guidance.
Tesla was up 1.3%. Data from China and the recent release of its Cybertruck may be have helped push shares of the EV giant higher.
Immunoprecise Antibodies Ltd (NASDAQ: IPA) 28% LOWER; to offer shares in a public offering.
SentinelOne, Inc. (NYSE:S) 16% HIGHER; beat in its third quarter on EPS and revenue and issued guidance above the consensus.
Yext, Inc. (NYSE: YEXT) 12% LOWER; missed on the top-line for its third quarter and provided fourth quarter and full year revenue guidance below the consensus.
Box Inc (NYSE: BOX) 11% LOWER; missed on the top and bottom line for its third quarter and lowered guidance below Wall Street views.
Fluence Energy Inc (NASDAQ: FLNC) 9% LOWER; to offer 18 million common shares for selling shareholders.
MongoDB (NASDAQ: MDB) 5% LOWER; issued a beat and raise results for its third quarter but is seeing profit-taking with the stock up 120% YTD.
Five9 (NASDAQ: FIVN) 5% LOWER; said it was approached about a takeover by Zoom (NASDAQ: ZM) but is not pursuing a deal
Credo Technology (NASDAQ: CRDO) 4% LOWER; to offer 10,000,000 of its ordinary shares.
Corporacion Inmobiliaria Vesta SAB (BMV:VESTA) (VTMX) 4% LOWER; to offer 4,000,000 American Depositary Shares.
Toll Brothers, Inc. (NYSE: TOL) 2% HIGHER; the homebuilder beat on the top and bottom line for its fourth quarter.
Market News
US Job Openings Fall to Lowest Since 2021 as Labor Market Cools
US job openings slumped in October to the lowest level since March 2021, adding to evidence that the labor market is cooling.
Available positions decreased to 8.7 million from a downwardly revised 9.4 million in the prior month, the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey showed Tuesday. Hiring edged lower. Layoffs were little changed.
The openings figure was below all estimates in a Bloomberg survey of economists. The decline was broad-based across sectors, with notable drops in health care, financial activities and accommodations and food services.
Meta, IBM Launch Open Source AI Alliance With Over 50 Members
Meta Platforms (NASDAQ:META) and IBM (NYSE:IBM) formed a coalition of over 50 artificial intelligence firms and research institutes, advocating for an open source model for AI development.
The group's stance differs from the closed approach of rivals Google (GOOG) (GOOGL) and ChatGPT-maker OpenAI, backed by Microsoft (MSFT), amid growing safety concerns over AI's power.
Companies in the new alliance include AMD (AMD), Dell (DELL), Oracle (ORCL), Intel (INTC), Sony (SONY), Fast.ai, Mass Open Cloud Alliance operated by Boston University and Harvard, CERN, and more.
ByteDance Strikes Deal With GoTo to Save Indonesian TikTok Shop
ByteDance’s TikTok has struck an agreement to invest in a unit of Indonesia’s GoTo Group and cooperate on an online shopping service, pioneering a template for e-commerce beyond South-east Asia’s biggest economy.
The Chinese-owned video service has agreed broadly to work with GoTo’s Tokopedia across several areas rather than compete directly with the Indonesian platform, people familiar with the pact said. The pair aim to announce details of that tie-up as soon as next week, the people said.
While the two companies have reached an informal agreement, the final details of that alliance are getting hammered out and could change before announcement, the people said. The pact is also subject to regulatory approval and could still fall through, they added.