Key facts
- The S&P 500 rose 0.4% and the Nasdaq 0.8% on Tuesday, November 3, while the Dow fell 0.4%.
- Technology led S&P 500 sectors with a 1.3% gain; materials fell 2%.
- AMD shares rose 8% after the company reported results, and the Philadelphia chip index gained 2.6%.
- US job openings rose sharply in September while layoffs fell, the JOLTS data showed.
- The People's Bank of China raised the FX reserve requirement ratio, snapping a 13-day yuan winning streak.
- Brazil's 10-year government bond yield reached 15.75%, the highest since the 2015-16 recession.
A rebound in heavyweight technology stocks lifted the S&P 500 and Nasdaq on Tuesday, November 3, while the Dow Jones Industrial Average slipped, according to a Reuters markets column by Jamie McGeever. The S&P 500 rose 0.4% and the Nasdaq 0.8%, while the Dow fell 0.4%. Investors weighed surprisingly strong US economic data, another day of speculation about possible US-Iran peace talks, and awaited US midterm election results.
Technology was the strongest of the four S&P 500 sectors that rose, gaining 1.3%, while materials fell 2%. The Philadelphia semiconductor index rose 2.6%. AMD shares rose 8% after the company reported results. Microsoft, Nvidia and Amazon were the top three gainers on the Dow, while Walmart and Home Depot were among the biggest decliners.
US job openings rose sharply in September while layoffs fell, the JOLTS data showed on Tuesday, pointing to a firm labor market even though non-farm payroll gains in the month barely grew. Factory orders rose faster than expected in September, but SLOOS data showed business demand for credit contracting for the first time in over a year.
The People's Bank of China on Tuesday raised the foreign exchange reserve requirement ratio, snapping a 13-day streak of yuan gains in the spot market, the longest run since 1995, and triggering the currency's steepest one-day fall in five months. The yuan had risen more than 10% against the dollar since US President Donald Trump unveiled his "Liberation Day" tariffs in April last year.
In Brazil, the Bovespa stock index has lost 20% and the real nearly 10% since President Lula's election victory, with no up day for the index. The 10-year government bond yield rose to 15.75% on Tuesday, the highest since the 2015-16 recession. The central bank's Copom committee announces its rate decision on Wednesday, with the Selic rate expected to be held at 13.75% after six consecutive cuts.