US benchmark equity indexes closed higher Tuesday, as markets evaluated official data showing that job openings fell in April to the lowest level in more than three years.
The Dow Jones Industrial Average rose 0.4% to 38,711.3, while the S&P 500 and the Nasdaq Composite advanced by 0.2% each to 5,291.3 and 16,857.1, respectively. Real estate and consumer staples led sector gainers, while materials posted the steepest decline.
In economic news, vacancies in the US came in at about 8.06 million as of the last day of April, down from the previous month's downwardly revised 8.36 million print, according to the Bureau of Labor Statistics' Job Openings and Labor Turnover survey. The consensus was for a decline to 8.35 million openings in a survey compiled by Bloomberg.
"The Federal Reserve will welcome signs of cooler labor market conditions, but the JOLTS data don't change our view that the Fed will be content to keep interest rates at current levels until September," Oxford Economics said in a note.
Official data are likely to show Friday the US economy added 185,000 jobs in May, which would mark an increase from a 175,000 gain reported for the previous month, according to a Bloomberg-compiled consensus.
New orders for manufactured goods rose for the third consecutive month in April, government data showed Tuesday.
The US 10-year yield fell seven basis points to 4.33%, while the two-year rate lost 4.6 basis points to 4.77%.
In company news, Honeywell International (HON) shares rose 2.4%, the best performer on the Dow and among the best on the Nasdaq. The company said Monday it completed its acquisition of Carrier Global's (CARR) security business for $4.95 billion while also updating its full-year financial outlook.
Bath & Body Works (BBWI) issued a downbeat fiscal second-quarter earnings outlook and narrowed its full-year guidance Tuesday. The personal care and home fragrance retailer's shares slumped nearly 13%, the steepest decline on the S&P 500.
Paramount Global's (PARA, PARAA) leadership presented plans at the company's annual shareholder meeting to explore a streaming joint venture, cut $500 million in costs, and sell noncore assets in case a company sale is not successful, CNBC reported. Paramount's class B shares fell 4.4%, among the steepest drops on the S&P 500, while its class A shares tumbled 5.6%.
West Texas Intermediate crude oil dropped 1.2% to $73.36 per barrel.
Gold declined 0.9% to $2,347.40 per troy ounce, while silver plunged 3.5% to $29.70 per ounce.