Stock Market Today: Stocks Sink on Strong Economic Data
The major indexes erased early gains after the latest jobs and consumer confidence data were released.


There was a glimmer of hope at Tuesday's open that today might be the day stocks reverse their recent downward trend. But that was dashed mid-morning when the major market indexes took a decisive turn lower after a pair of economic reports poured cold water on expectations the Fed might slow its rate-hiking campaign anytime soon.
Specifically, data from the Labor Department this morning showed the number of job openings in the U.S. rose to 11.2 million in July from 11 million in June, while those quitting their positions were little changed at 4.2 million. Additionally, the Conference Board's consumer confidence index spiked to 103.2 in August from July's 95.3, due in part to falling gas prices, the first time this value has been above its benchmark of 100 since May.
"With consumer confidence climbing higher as gasoline prices continuing to inch lower, and providing an extra $100 dollars in consumer pockets, coupled with indications that the labor market remains tight, the Federal Reserve has yet to see the 'pain' necessary to tamp down demand," says Quincy Krosby, chief global strategist for independent broker-dealer LPL Financial. " For an inflation-fighting central bank, what's good news on Main Street now makes the job to rein in inflation that much more difficult."
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
By the close, the Nasdaq Composite had slumped 1.1% to 11,883, the S&P 500 Index had given back 1.1% to 3,986, and the Dow Jones Industrial Average was down 1.0% at 31,790.
Other news in the stock market today:
- The small-cap Russell 2000 slumped 1.5% to 1,855.
- U.S. crude futures plunged 5.5% to finish at $91.64 per barrel.
- Gold futures fell 0.8% to end at $1,736.30 an ounce.
- Bitcoin slipped 0.7% to $19,960.36. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.) "Risk aversion is firmly back in place and that sent Bitcoin below the $20,000 level," says Edward Moya, senior market strategist at currency data provider OANDA. "If the broad selloff on Wall Street intensifies, Bitcoin is looking very vulnerable here."
- Energy stocks tumbled alongside oil prices today. Among the day's biggest losers were Chevron (CVX, -2.4%), Halliburton (HAL, -4.9%) and Diamondback Energy (FANG, -3.7%).
- Best Buy (BBY) rose 1.6% after the electronics retailer reported earnings. In its second quarter, BBY recorded higher-than-expected earnings of $1.54 per share and revenue of $10.3 billion. Still, CFRA Research analyst Kenneth Leon kept a Hold rating on Best Buy, noting that the economic downturn is weighing on demand for consumer electronics. "Highest comparable sales came from appliances (17%, -1.2%), while consumer electronics (30%, -14.7%), followed by entertainment (5%, -9.2%), services (5%, -8.5%), and other (1%, +15.6%)," Leon writes in a note to clients. "Gross margins declined 170 basis points year-over-year [a basis point is one-oine hundredth of a percentage point] to 22.0% on higher promotions, lower demand, supply chain costs, and margin pressure from Totaltech membership."
Stocks' Roller-Coaster Ride Isn't Over
While stocks remain solidly above their June lows, all three major indexes are heading toward stiff losses for August. And this volatile price action is likely to stick around for a bit. "The next few months could be choppy or lower for equity markets, while economic data weaken, financial conditions tighten and financial markets eventually accept that the Fed and other global central banks will raise and hold rates until price stability returns," says Paul Christopher, head of Global Market Strategy at Wells Fargo Investment Institute.
For investors, this means "making patience and quality the daily watchwords," the strategist says. He suggests continuing to pursue a defensive approach by focusing on sectors such as energy and healthcare.
If you follow that approach you'll also want to check out the best stocks for a bear market, which tend to have a long history of dividend growth and relatively low volatility. We've compiled 10 such names that fit that bill – and each one boasts Buy ratings from the analyst crowd.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
These Stocks Dipped in 2025. Do They Have Value?
If you are looking to add new long-term positions to your portfolio, as you should, this is the time to examine stocks that the market shuns.
-
Striking Gold (or Gas): A Financial Pro Unpacks the Nuances of Energy Investing
Investing in the energy industry, particularly oil and gas, involves understanding the facts about how projects generate returns through cash flow and long-term asset building, while also being aware of the risks.
-
Dow Adds 238 Points as UNH, CAT Pop: Stock Market Today
The lack of a September jobs report didn't seem to worry market participants, with the data delayed due to the ongoing government shutdown.
-
Stocks at New Highs as Shutdown Drags On: Stock Market Today
The Nasdaq Composite, S&P 500 and Dow Jones Industrial Average all notched new record closes Thursday as tech stocks gained.
-
S&P 500 Sees New Highs on Shutdown Day: Stock Market Today
Most of its components were in the red, but the S&P 500 Index still managed to hit a new intraday all-time high.
-
Government Shutdown to Delay Data, Including Key Jobs Report
While government shutdowns typically don't impact stock returns, they can delay the release of key economic data – including the monthly jobs report.
-
Stocks Close September on a High Note: Stock Market Today
A little bit of late risk-on behavior was enough to lift stocks into the green on the last day of September.
-
If You'd Put $1,000 Into Bank of America Stock 20 Years Ago, Here's What You'd Have Today
Bank of America stock has been a massive buy-and-hold bust.
-
Investors Take Stock of Shutdown Talk: Stock Market Today
Whether we'll have a Jobs Friday this week depends on if we have a government shutdown in Washington.
-
If You'd Put $1,000 Into Oracle Stock 20 Years Ago, Here's What You'd Have Today
ORCL Oracle stock has been an outstanding buy-and-hold bet for decades.