U.S. employers posted 7.7 million vacancies in January, the Labor Department reported Tuesday, up from 7.5 million. The outlook for the labor market is murky as Trump wages a trade war with foreign countries, purges federal workers and threatens to deport millions of immigrants.

Labor market data released Tuesday was largely in line with Wall Street's expectations, reflecting a gradually cooling labor market. Investors have been watching closely for any further signs of cracks forming in the US economy.