JOLTs Job Openings Rise To 8.14 Million, Exceeding Analyst Expectations

On July 2, 2024, U.S. released JOLTs Job Openings report for May. The report indicated that JOLTs Job Openings increased from 7.92 million in April (revised from 8.06 million) to 8.14 million in May, compared to analyst consensus of 7.91 million.

Earlier, Fed Chair Powell said that prices were showing disinflation trend. This is an important remark ahead of the ultra-important Non Farm Payrolls report, which will be released on Friday.

Treasury yields moved lower after Powell’s comments. However, they have started to rebound from session lows as JOLTs Job Openings exceeded analyst expectations. A strong labor market is somewhat bearish for equities and bullish for the U.S. dollar as Fed may be forced to keep rates at high levels for longer.

U.S. Dollar Index rebounded from session lows after the release of the better-than-expected report. Currently, U.S. Dollar Index is trying to settle above the 105.85 level as traders react to the rebound in Treasury yields.

Gold settled near the $2325 level as dollar’s rebound put some pressure on precious metals. It should be noted that general market sentiment in the precious metals sector is bullish as silver, platinum, and palladium are moving higher.

SP500 made an attempt to settle above the 5485 level as traders reacted to the report. Stock traders are not worried about high interest rates and stay focused on the potential of the AI technology.

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