US Stock Market Overview – Stocks Trade Mixed, Job Openings Decline, Apple Introduces Streaming ServiceThe VIX continues to edge lower
US stocks were mixed on Tuesday, with the Dow and S&P 500 rising slightly and the Nasdaq closing in the red. Apple shares were higher after the company announced Tuesday it will price Apple TV+ at $4.99 per month, including a free one-year subscription with the purchase of any new Apple device. US job openings fell for a second straight month in July amid decreases in wholesale trade and the federal government. Most sectors in the S&P 500 index were higher on Tuesday, led by materials, Real-estate was the worst-performing sector. The US 10-year yield backed-up with yields rising above 1.63%. China reported August CPI and PPI, which came in slightly better than expected.
There has been a shift in sectors that have kept the market rangebound. Investors have been purchasing retail shares and transportation shares. Energy shares, as well as financial, have also recently outperformed. This has come as growth shares such as cyclical and technology shares have come under pressure.
The VIX edges Lower
The VIX volatility index edged lower on Tuesday and has declined for a 5th straight trading session. The VIX is currently printing a reading slightly higher than 15% which is in the middle of the 4-month range between 11% and 25%.
Apple Prices Its Streaming Service
Apple’s streaming service which will have original programming was priced at $4.99 per month. It will include The Morning Show, a drama starring Jennifer Aniston, Reese Witherspoon, and Steve Carell, and other content from contributors including Oprah Winfrey and J.J. Abrams. On its own, Apple TV+ will be limited in its viewing choices compared to a traditional cable bundle or Netflix.
US Jobs Openings Declined
Job openings fell for a second straight month in July amid decreases in wholesale trade and the federal government. Job openings slipped by 31,000 to a seasonally adjusted 7.2 million in July, the Labor Department. The job openings rate fell to 4.5% from 4.6% in June. Hiring increased by 237,000 jobs to 6.0 million in July. The hiring rate rose to 3.9% from 3.8% in June. Job growth has averaged 158,000 per month this year, still above the roughly 100,000 per month needed to keep up with growth in the working-age population. The unemployment rate was unchanged at 3.7% for a third straight month in August.