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Wall Street Falls Ahead of Labor Data, Oil Prices Rise Again
Wall Street slid to losses before the open Tuesday as oil prices hit their highest level since mid-April, pushing energy stocks higher.
Dow Jones Industrial Average futures fell 0.3% before the close and S&P 500 futures fell 0.4%.
U.S. crude, the market benchmark, gained 73 cents to $84.11 a barrel in electronic trading on the New York Mercantile Exchange. The price of a barrel of U.S. crude has risen nearly 18% this year, even as gas prices have remained relatively low compared with 2023.
Exxon Mobil, ConocoPhillips, BP and Chevron all posted modest gains, in contrast to declines in the broader market.
The barrel of Brent, the international benchmark, gained 70 cents to $87.30. The price of a barrel has increased by 13% in 2024.
Paramount Global, which has been a takeover target for months, rose 3.1% on reports that there were multiple offers for its majority shareholder, Shari Redstones National Amusements.
New data on job openings for May will be released by the government on Tuesday. More data on the labor market will be released later in the week, with jobless claims on Wednesday and the government's full June employment report on Friday.
The labor market held up better than most experts expected after the Federal Reserve began raising interest rates in March 2022, but some slowdown is starting to show. Jobless claims rose in June, after mostly remaining below 220,000 this year. The unemployment rate climbed to 4% in May, despite U.S. employers added 272,000 jobs last month. Job offers for April have reached their lowest level since 2021.
European stocks fell significantly after the 20-nation bloc reported that inflation has fallen to 2.5% in June but remains stuck above the level preferred by the European Central Bank.
Germany's DAX index lost 1.1% and Britain's FTSE 100 fell 0.4%.
France's CAC 40 index fell 1% in early trading. The benchmark index jumped as much as 2.8% before settling for a 1.1% gain on Monday, with France's results suggesting a Far-right political party may fail to secure decisive majority in the country's legislative elections.
This has raised the possibility of a deadlock within the French government, which would prevent the worst-case scenario where a far-right with a clear majority could exert pressure policies that would significantly increase the French government's debt.
It's a big year for elections around the world, with voters heading to the polls. UK polls later this week and soon elsewhere. In the United States, pollsters are measuring the fallout from last week's debate between President Joe Biden and former President Donald Trump.
In Asia, Tokyo's benchmark Nikkei 225 index gained 1.1% to 40,074.69 as a weaker yen boosted buying in export-oriented stocks.
Australia's S&P/ASX 200 index lost 0.4% to 7,718.20 and South Korea's Kospi fell 0.8% to 2,780.86, despite data from Statistics Korea showing the country's consumer inflation slowed to an 11-month low in June.
Hong Kong's Hang Seng index rose 0.3% to 17,769.14 and the Shanghai Composite Index gained 0.1% to 2,997.01.
Taiwan's Taiex index gained 0.6%, while Bangkok's SET fell 0.5%.
The Japanese yen fell to a 38-year low of 161.67 yen per dollar on Tuesday morning. It later recovered to 161.62 yen per dollar.
The euro was worth $1.0723, down from $1.0738 previously.
On Monday, the S&P 500 index rose 0.3% and the Dow Jones Industrial Average rose 0.1%. The Nasdaq Composite gained 0.8%.
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