JOLTs Job Openings Fall, Gold Rallies Above $2000

Key Insights

• JOLTs Job Openings declined from 10.82 million to 9.93 million. 
• Factory Orders decreased by 0.7% in February. 
• Gold moved above the key $2000 level. 

Factory Orders Missed Analyst Expectations

On April 4, U.S. reported that JOLTs Job Openings declined from 10.82 million in January to 9.93 million in February, compared to analyst consensus of 10.4 million.

The significant decline in the number of job openings indicates that the labor market may have finally found itself under pressure. JOLTs Job Openings have been above the 10 million level since 2021.

Traders also had a chance to take a look at the Factory Orders report for February. The report showed that Factory Orders declined by 0.7% month-over-month, compared to analyst consensus of -0.5%. Yesterday, PMI reports missed analyst expectations, so this week’s economic data has been disappointing.

U.S. Dollar Tests New Lows

U.S. Dollar Index declined towards the 101.70 level after the release of the JOLTs Job Openings report. Treasury yields are moving lower as traders bet that the Fed would be more dovish as previous rate hikes have already put material pressure on the job market.

Gold rallied above the $2000 level as traders reacted to U.S. dollar’s pullback. Lower Treasury yields served as an additional positive catalyst that pushed gold above this psychologically important level.

S&P 500 moved towards the 4130 level as traders focused on the pullback in Treasury yields. Fed policy outlook has been the main driver for the stock market in recent weeks, so disappointing economic reports serve as positive catalysts for stocks.

For a look at all of today’s economic events, check out our economic calendar.