US Equities Decline Following Disappointing Job Openings Report
US equities experienced declines following the February Job Openings and Labor Turnover Survey (JOLTS) report. Key points include:
- Job openings fell to 7.56 million, a four-year low, below the expected 7.63 million.
- Quits also decreased, while hiring and firing rates remained stable; layoffs increased.
- The S&P 500 and Nasdaq Composite dropped by up to 0.7% and 0.8%, respectively.
- Odds of a May interest rate cut by the Federal Reserve rose slightly to 15.2% according to CME Group data.
- The upcoming March employment report will provide further insights into labor market conditions.
Continued inflation and worsening employment may lead to changes in monetary policy soon.