The Dow Jones Industrial Average closed 0.4% higher on Tuesday, buoyed by a drop in job openings to three-year lows, which raised hopes for a Federal Reserve rate cut this year. The S&P 500 and NASDAQ Composite also saw modest gains. April's job openings fell to 8.1 million, below economists' expectations of 8.37 million, suggesting a cooling labor market and increasing bets on a rate cut in September. Treasury yields fell on these expectations.
In corporate news, Intel unveiled new AI chips to compete with Nvidia and AMD, but analysts believe more upgrades are needed. Tesla's stock dipped following a 6.6% drop in China sales for May. GameStop's stock fell 5% after a sharp rally. Bath & Body Works' shares dropped nearly 13% due to weak second-quarter guidance despite strong Q1 results.
Energy stocks declined as oil prices hit four-month lows, impacted by OPEC+ decisions on future supply adjustments. Notable decliners included Halliburton, Baker Hughes, and Exxon Mobil.
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