The Dow Jones Industrial Average (DJINDICES:^DJI) had fallen nine points as of 11:30 a.m. EDT. Intel (NASDAQ:INTC) was the Dow Jones' best-performing components, while Zynga (NASDAQ:ZNGA) and Weibo (NASDAQ:WB) were also rallying.
JOLTs exceed expectations
The U.S. Bureau of Labor Statistics' Job Openings and Labor Turnover Survey found that there were 4.46 million job openings in April -- more than the 4.04 million that economists had estimated.
Although that data did not appear to be having a positive effect on the Dow Jones, it suggests the U.S. labor market is stronger than economists had believed -- a good sign for the U.S. economy, and by extension, its stock market.
Intel leads its index higher
Intel rose more than 1% in early trading on Tuesday. There wasn't much news to explain Intel's rally -- no major releases or product announcements.
Intel may be benefiting from a wave of positive sentiment carried over from recent sessions. Although the company's primary market, PCs, has been under pressure, Intel is aggressively moving into new markets and working to keep the traditional PC relevant with new reference designs and form-factors that merge tablets with traditional laptops.
Zynga gets a boost from UBS
Zynga shares rose more than 6% on Tuesday after UBS reiterated its buy rating and $6 price target. Despite Zynga's recent struggles, UBS continues to believe in a longer-term positive outcome, and at current levels sees an upside potential of nearly 100%.
Normally, a reiteration of a previous rating may not move a stock so significantly, but the social game company is immensely volatile. Trading near $3.20, Zynga is far removed from UBS' price target, but shares were worth as much as $5.79 just three months ago.
Weibo remains volatile
Chinese microblogging company Weibo has likewise been a volatile stock, and it continues to experience wild swings in the wake of its IPO in April. Shares of Weibo rose more than 4% in Tuesday's early session.
Morgan Stanley initiated coverage on Weibo yesterday with a hold rating and $21.40 price target. Morgan Stanley believes investors should be cautious as it sees much competitive pressure for Weibo, as well as upside for the stock from current levels. Other Chinese tech stocks also rose, but Weibo was performing the best.