XM does not provide services to residents of the United States of America.

Wall St slips as focus shifts to jobs data

<html xmlns="http://www.w3.org/1999/xhtml"><head><title>US STOCKS-Wall St slips as focus shifts to jobs data</title></head><body>

For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.

Take-Two Interactive falls on 'GTA VI' trailer release

CVS Health up on upbeat annual revenue outlook

Indexes down: Dow 0.25%, S&P 0.29%, Nasdaq 0.29%

Updated at 9:35 a.m. ET/ 1435 GMT

By Amruta Khandekar and Shristi Achar A

Dec 5 (Reuters) - Wall Street's main indexes fell on Tuesday asinvestors waited for a slew of data, including the crucial jobs report, to gauge whether the Federal Reserve will cut interest rates by early next year.

After a strong run of gains in November that sent the S&P 500 .SPX to its closing high for the year, U.S. equities pulled back in the previous session as longer-dated Treasury yields bounced off three-month lows.

A majority of traders believe the Fed may have reached the end of its tightening campaign, given that inflation is easing, and have nearly fully priced in the possibility that the central bank will keep rates unchanged next week.

They are also betting on lower interest rates next year, with 62% pricing in a rate cut of at least 25 basis points in March and 87.6%in May, according to the CME Group's FedWatch tool.

However, market experts have pointed out that investors may have been too optimistic in pricing in early rate cuts and are now awaiting fresh economic data for further policy cues.

"We're kind of in a wait-and-see mode as far as the jobs numbers go. With a lack of new catalysts, it's hard for investors to stick around and not take profits," said Art Hogan, chief market strategist at B Riley Wealth in New York.

Hogan said investors also need more evidence pointing to a soft landing for the economy - where the Fed manages to bring inflation lower, while avoiding a recession.

A Labor Department survey due at 10 a.m. ET is expected to show U.S. job openings fell to 9.3 million in October from about 9.55 million in September, signaling slowing labor demand. On Friday, the more comprehensive non-farm payrolls report for November will offer greater clarity on the state of the labor market.

All 11 major S&P 500 sectors traded in the red, with materials .SPLRCM and real estate .SPLRCR stocks leading declines.

At 9:35 a.m. ET, the Dow Jones Industrial Average .DJI was down 90.39 points, or 0.25%, at 36,114.05, the S&P 500 .SPX was down 13.46 points, or 0.29%, at 4,556.32, and the Nasdaq Composite .IXIC was down 41.69 points, or 0.29%, at 14,143.81.

Among individual stocks, Take-Two Interactive Software TTWO.O fell 1.3% after a trailer of the latest installment of its best-selling "Grand Theft Auto" videogame franchise was released.

CVS Health CVS.N rose 3.4% on forecasting 2024 revenue above Wall Street estimates, as the insurer expects to benefit from its expansion into health services.

Shares of U.S.-listed Chinese firms including PDD Holdings PDD.O, JD.com JD.O and Baidu BIDU.O fell between 0.6% and 1.5% after ratings agency Moody's cut its outlook on China's government credit ratings to "negative" from "stable".

Declining issues outnumbered advancers for a 2.31-to-1 ratio on the NYSE and a 2.00-to-1 ratio on the Nasdaq.

The S&P index recorded three new 52-week highs and no new lows, while the Nasdaq recorded 24 new highs and 20 new lows.

Reporting by Amruta Khandekar and Shristi Achar A; Editing by Pooja Desai


Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.