NEW YORK (AP) — U.S. stocks hovered near all-time highs Tuesday ahead of the week's first big update on the strength of the job market.
The S&P 500 was mostly flat in early trading, a day after hitting a new all-time high on the back of gains in tech stocks. 54th record this year. As of 9:35 a.m. ET, the Dow Jones Industrial Average was up 5 points, or less than 0.1%, while the Nasdaq Composite was 0.1% below its previous record.
AT&T led the market, rising 5% after raising its full-year profit forecast. The company also announced plans to transfer $10 billion in cash to investors through share buybacks and said it plans to authorize another $10 billion in share buybacks in 2027.
Wall Street losers included U.S. Steel, which fell 7.9%. next president donald trump He reiterated on social media that he has no intention of letting Japan's Nippon Steel buy the iconic Pennsylvania steelmaker.
Nippon Steel In December, the company announced plans to buy the Pittsburgh-based steelmaker for $14.1 billion in cash, and how the deal would affect unionized workers, its supply chain and U.S. national security. This raised concerns about the impact it would have. Earlier this year, President Joe Biden came out the other way Acquisition.
Tesla suffered a 1.4% loss after a Delaware judge late Monday reaffirmed an earlier ruling that the electric car maker must next rule. Cancel Elon Musk's multibillion-dollar compensation package. A judge rejected a request by lawyers to overturn a ruling earlier this year against Musk and Tesla Inc.'s board that forced the company to cancel an unprecedented pay package.
In the bond market, U.S. Treasury yields fell slightly ahead of reports on job openings released by U.S. employers at the end of October. Economists expect this number to increase slightly from last month. A better-than-expected number would boost optimism that the economy can continue to avoid a recession that many investors had previously thought was inevitable.
The yield on the 10-year U.S. Treasury note fell to 4.17% from 4.20% late Monday.
Yields have ebbed and flowed since Trump won on election day, amid concerns that his preference for lower taxes and higher tariffs could lead to higher inflation as the economy grows. However, traders remain confident. federal reserve system intention lower key interest rates again At the next meeting in two weeks. They bet on a three-quarter chance, according to CME Group data.
Lower interest rates can give the economy more oomph, but they can also give more fuel to inflation.
