Dow Jones Today: Stocks Dip Ahead of Powell Comments, Jobs Data

U.S. stocks slipped in early trading Tuesday as markets reversed gains from Monday’s session ahead of scheduled comments from Federal Reserve Chair Jerome Powell.

The Nasdaq Composite traded 0.3% lower Tuesday morning, while the S&P 500 dipped 0.1% and the Dow Jones Industrial Average was flat.

Powell is participating in a policy panel hosted by the European Central Bank in Portugal. Markets will be watching whether his comments offer any insight into the Fed’s thinking on the state of the U.S. economy and when the central bank could begin cutting interest rates.

The Labor Department will offer investors their first of several updates on the U.S. labor market when it publishes the May Job Openings and Labor Turnover Survey (JOLTS) at 10 a.m. ET. The report is expected to show job openings declined to 7.9 million in May from 8.1 million the prior month, evidence the labor market continues to cool as high interest rates weigh on economic activity.

Tesla (TSLA) stock jumped after the EV maker reported delivering 444,000 vehicles in the second quarter, extending its gains from yesterday when anticipation of the numbers sent shares more than 6% higher.

Treasury yields, major cryptocurrencies, and gold all dropped slightly Tuesday morning, while oil futures rose and the dollar was roughly unchanged.

The third quarter of 2024 kicked off with a positive session yesterday, as the Nasdaq Composite rose 0.8%, the S&P 500 rose 0.3%, and the Dow Jones Industrial Average ticked 0.1% higher. Tesla led the way rising just over 6%, while cruise line stocks like Royal Caribbean (RCL), Carnival (CCL), and Norwegian Cruise Line (NCLH) fell thanks to the developing Hurricane Beryl in the Atlantic.