US stocks end lower

US stocks end lower

Major indexes decline as macroeconomic data strengthens expectations that interest rates won’t fall soon

By Gokhan Ergocun

ISTANBUL (AA) - US stocks ended lower Tuesday as macroeconomic data reinforced expectations that interest rates won’t be falling anytime soon.

The Institute for Supply Management (ISM) service sector Purchasing Managers Index (PMI) increased by two points on a monthly basis to 54.1 last month, exceeding market expectations.

US job openings also rose unexpectedly in November, reaching a six-month high of 8.1 million.

While the number of hires fell by 125,000 to 5.27 million in the same period, the number of people who left their jobs, including resignations and layoffs, decreased by 180,000 to 5.1 million.

Analysts said the data from the US Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS) showed that the labor market continued to slow down at a pace that would not require the Federal Reserve to rush into interest rate cuts.

The data, which pointed out that the economy remained strong, increased uncertainty about the pace of the Fed's interest rate cuts.

The Dow Jones Industrial Average fell by 178.2 points or 0.42% to end the day at 42,528.36.

The S&P 500 decreased by 66.35 points or 1.11% to 5,909.03, while the Nasdaq Composite dropped 375.30 points or 1.89% to 19,489.68.

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