US Job Openings Fall to Their Lowest Since 2021 – US Market Wrap
The bond market rose as signs of labour market cooling fueled speculation that the Federal Reserve will be able to cut interest rates this year.
The so-called JOLTS report, released just a week before the Fed meeting, showed that US job openings had fallen to their lowest level since 2021. The figures boosted Treasuries, with 10-year yields extending a four-day decline to nearly 30 basis points. Fed swaps are now pricing in a first cut in November, with a higher chance of a September cut. Despite the dovish bets, stocks struggled to gain traction, as the bad-news-is-good-news narrative failed to entice many investors.
Treasury 10-year yields fell six basis points, to 4.33%. The S&P 500 rose to around 5,290.
Oil fell to its lowest level in nearly four months after OPEC+ announced plans to loosen production cuts this year, exacerbating the market’s bearish sentiment. Copper dropped below $10,000. Bitcoin surpassed $70,000.