Carnival Stock Jumps Amid Brand Realignment Plan

Major U.S. equities indexes edged higher as the latest data from the Bureau of Labor Statistics showed that job openings at the end of April slipped to their lowest level in three years.

Although the report raised concerns about economic growth, it helped lift expectations that the Federal Reserve could cut interest rates in the coming months. The May jobs report, set for release on Friday, will be under the microscope as market observers look for additional confirmation that the labor market is cooling.

The S&P 500 and the Nasdaq posted gains of 0.2%. The Dow added 140 points, or 0.4%.

Shares of Carnival Corp. (CCL) notched the S&P 500’s top performance on Tuesday, sailing 5.8% higher after the cruise operator announced plans to consolidate its P&O Cruises Australia brand into Carnival. The brand realignment is intended to enhance Carnival’s operational efficiencies in the South Pacific. Shares of other cruise companies moved higher as well, with Norwegian Cruise Line Holdings (NCLH) and Royal Caribbean Cruises (RCL) adding 4.0% and 2.8%, respectively.

T-Mobile US (TMUS) shares advanced 2.8% after Zacks Research featured the telecom stock in its Analyst Blog. The report highlighted T-Mobile’s agreement to acquire U.S. Cellular’s wireless business. Meanwhile, robust demand for postpaid services could help boost the company’s performance.

Another Zacks report mentioned pest and wildlife control company Rollins (ROL) as a top pick for growth investors, highlighting the potential for free cash flow growth. Rollins shares were up 2.7% on Tuesday.

Bath & Body Works (BBWI) shares tumbled 12.8%, suffering the heaviest losses of any S&P 500 stock, after the retailer of personal care products and fragrances released its quarterly earnings results. Although first-quarter profits exceeded forecasts, sales fell year over year. The company also issued underwhelming guidance for the current quarter, with the midpoint of its earnings per share (EPS) forecast falling below current estimates.

The price of copper slid amid concerns about an increase in global inventory levels. The price drop pressured shares of copper and gold miner Freeport McMoRan (FCX), which dropped 4.5%.

Paramount Global (PARA) shares lost 4.4% as the entertainment giant held its investor day following reports it has agreed to an improved merger offer from Skydance Media. At the annual event, the company did not provide updates on the potential deal, focusing instead on plans to optimize its operations. Paramount executives said they have identified $500 million in annual cost savings, including staff reductions.

Shares of GE Vernova (GEV), the power and renewable energy company that completed its spinoff from General Electric at the beginning of April, declined 4.3%. The company posted strong gains in May amid optimism about its gas power business, but its wind segment remains unprofitable, which management is aiming to remedy by boosting margins on new offshore wind orders.