U.S. stocks were mixed on Tuesday, after the latest U.S. jobs data hit the wires.
In Asia, Tokyo’s
fell 0.2%, while Hong Kong’s
was little changed. The
was 0.5% lower. The
in London rose 0.5%, as the
in Paris lifted 0.4% and Frankfurt’s
The Job Openings and Labor Turnover Survey (JOLTS) showed 9.3 million openings for April, higher than the expected 8.2 million. More openings means higher demand for workers, which could potentially bring higher wages and therefore force companies to raise prices. Investors, though, have already digested the upward pressure on wages, as Friday’s employment report revealed as much.
Mark Haefele, the chief investment officer of Swiss bank UBS’ global wealth management division, said that while the bank remains alert to inflation risks, “we believe the backdrop remains benign for stocks—with benefits most obvious for cyclical parts of the market, including energy and financials. We recently raised the highly cyclical Japanese market to most preferred in our global strategy.”
said that it views global stocks trading at all-time highs as justified, based on strong economic data, including a recovery in global corporate earnings, and sentiment from policy makers to let the economy run hot.
The price of oil was down slightly, with benchmark Brent crude futures having fallen around 0.3% to around $71.25 a barrel.
Cryptocurrency asset Bitcoin was down near 5%, to below the $33,000 mark, from above $35,000 on Monday.
(WEN) stock rose 12.9% and may be a newly popular “meme stock.”
(TGT) stock added 1.4% after getting upgraded to Buy from Neutral at UBS.
Delta Air Lines
(DAL) stock gained 2.1% after getting upgraded to Buy from Hold at Jefferies.
(EOG) stock dropped 1% after getting downgraded to Hold from Accumulate at Johnson Rice.
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