US Stock Market Overview – Stock Rise Led by Technology

US stocks rebounded sharply on Wednesday following a huge decline on Tuesday. Technology shares helped buoy the broader markets which were led by a 3.25% increase in the Nasdaq. All sectors in the S&P 500 index were higher, led by gains in technology shares and materials. Real Estate was the worst-performing sector in an update. The VIX volatility index eased as the dollar also declined. US yields moved higher as riskier assets gained traction. Oil prices rebounded which helped buoy energy shares. The Labor Department reported that Job Openings increased 10% in July but hiring declined.

JOLTs Survey Shows an Uptick in Openings

The Labor Department reported on Wednesday that Job openings rose 10% in July while the hiring rate saw a sharp slump. The Jobs Opening and Labor Turnover survey produced by the BLS showed that the total for available positions hit 6.6 million for July above the 6 million expected. The openings rate increased from 4.2% to 4.5%, just below the 4.6% level from a year ago. While job openings surged, the actual hires tumbled from about 7 million in June to 5.8 million in July, a decline of about 17%. The hiring rate as a share of the workforce fell from 5.1% to 4.1%.

Indeed Shows a Decline in Hiring

In a separate survey from Indeed, the increase in the number of job postings slowed dramatically since late July, and last week stood about 20% below 2019 levels, according to data reported by the Wall Street Journal. Job postings on Indeed.com dropped this spring when the pandemic hit. By May postings were 33% below February’s pre-pandemic level. The reopening has helped and by July, and in August postings were about 12% below the early February level.