The New York stock market opened mixed on weakness in tech stocks and a sluggish private employment gauge.
As of 10:15 a.m. on the 11th (local time), the Dow Jones Industrial Average on the New York Stock Exchange (NYSE) was up 74.83 points, or 0.16%, at 47,443.46. In contrast, the Standard & Poor's (S&P) 500 was down 18.63 points, or 0.27%, at 6,813.80, and the Nasdaq composite was down 131.85 points, or 0.56%, at 23,395.32.
The market focused on broad weakness in tech stocks. As it became known that Japan's SoftBank Group (SBG), led by Chairman Son Jeong-ui, sold all 32.1 million shares of its Nvidia equity in Oct. for about $5.83 billion, Nvidia fell about 3%.
Cloud computing corporations CoreWeave issued annual guidance that missed market expectations, and the stock fell more than 13%. Until the day before, tech stocks had been strong on hopes for an end to the U.S. federal government shutdown (temporary work suspension), but on this day, concerns about overvaluation of artificial intelligence (AI) names resurfaced.
Weak employment data also dampened investor sentiment. According to private employment information firm ADP, the preliminary figure for U.S. private employment decreased by an average of 11,250 per week over the four weeks through the 25th of last month.
Jamie Cox, managing partner at Harris Financial Group, said it looked like "a brief pause to catch breath after a relief rally on expectations of a shutdown end the previous day."
By sector, real estate, energy, and finance rose, while technology, utilities, and communications fell.
By stock, media corporations Paramount Skydance rose more than 11% after announcing expense cuts and restructuring plans. In contrast, alternative meat maker Beyond Meat fell 4% after issuing fourth-quarter guidance below market expectations. U.S. space launch corporations Rocket Lab rose nearly 5% after reporting results that beat expectations. Rocket Lab's third-quarter loss per share was 3 cents, smaller than the market estimate of 10 cents, and revenue was $155 million, topping the forecast of $152 million.
Major European stock markets rose across the board. The Euro Stoxx 50 was up 0.97% at 5,719.24 in transaction. Germany's DAX rose 0.43%, France's CAC 40 gained 1.30%, and Britain's FTSE 100 added 0.92%.
International oil prices also strengthened. At the same time, West Texas Intermediate (WTI) for Dec. delivery was transactioned at $60.92 a barrel, up 1.31% from the previous session.