The US market saw mixed results on Wednesday, with the majority of gains attributed to Alphabet and Google.
Job openings in the US fell to their lowest levels for 10 months.
China also displayed its military might at an important parade with Russian and North Korean officials, underscoring the shifting of global alliances.
US Job Openings Fall to 10-Month Low
The number of US job openings in July fell to its lowest level for nearly a full year. This is a sign that the demand for workers has waned amid uncertainty in policy.
The Bureau of Labor Statistics reported that the number of vacancies fell to 7,18 million, from an upwardly revised figure of 7,36 million, in June. This is below the Bloomberg estimate of 738 million.
Health care opened fewer doors in 2018 than they did 2021.
The Job Openings and Labor Turnover Survey (JOLTS) also showed layoffs rising to the highest level since September, particularly in construction, while the vacancies-to-unemployed ratio held at 1-to-1, its lowest since 2021.
These data are further evidence that the labor market is softening. The Federal Reserve will be closely watching this trend as they consider reducing interest rates later in the month.
Wall Street’s reaction to tech and labor news
After weak employment data, investors increased their bets on the Federal Reserve cutting rates in September.
Stocks also broke a losing streak of two days on the strength in large tech.
Treasuries recovered after recent declines pushed 30-year yields near 5%. Alphabet Inc., Apple and Google led the megacap gains.
The equity markets reacted with mixed emotions. S&P 500 rose by 0.06% led by large cap tech stocks, while the Nasdaq Composite grew 0.54%. Dow Jones Industrial Average slipped 234 points due to underperformance of energy and banks stocks.
Google receives partial relief from antitrust case
Alphabet’s shares soared up to 8% following a US Federal Judge rejecting the Department of Justice’s request that the company divest Chrome in an antitrust lawsuit.
Amit Mehta, US District Judge in the Southern District of New York, ruled against plaintiffs’ “overreach”, and said that Google would not be required to sell Chrome.
The court instead barred Google’s exclusive agreements that require payments or licenses to restrict competition.
Alphabet was relieved by the decision, as it avoided some of the harshest remedies.
Apple’s shares rose more than 3 percent, as the decision allowed Apple to pre-load Google Search onto its devices.
This judgment has lifted the mood in general. Alphabet’s stock has risen by more than 20 percent in the first half of 2025.
China holds military parade alongside global allies
Geopolitical attention shifted away from US markets to Beijing where President Xi Jinping led a massive military parade commemorating the 80th Anniversary of Japan’s World War II Surrender.
Xi joined Russian President Vladimir Putin, and North Korean Leader Kim Jong Un to highlight China’s growing ties with US competitors.
This parade featured hypersonic missiles and drones with nuclear capabilities, as well as new naval systems. It was a demonstration of Xi’s aim to build a “world-class” military.
Analysts noted that China displayed a lot of equipment, but warned against assuming its combat capability has been tested since the last major conflict in 1979.
Xi framed his speech as a call to national unity in China, and positioned China internationally as a counterweight against Western influence.
Absence of US and European leaders highlights the growing geopolitical split.
The post Evening Digest: US Job Openings Slide and Tech Stocks Lift Wall Street will be updated as new information becomes available.
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