Job Vacancies Fall To 28-Month Low, Signaling Cooling Job Market
Portfolio Pulse from Piero Cingari
US job openings fell to a 28-month low in July, indicating a cooling labor market due to the Federal Reserve's monetary policy tightening. Consumer confidence also dropped to its lowest level in 16 months. The dollar and Treasury yields fell, while stocks, including the SPDR S&P 500 ETF Trust (NYSE:SPY), rallied.
August 29, 2023 | 2:44 pm
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POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (NYSE:SPY) rallied following the release of the job openings and consumer confidence data.
The SPDR S&P 500 ETF Trust (SPY) rallied as investors reacted to the lower than expected job openings and consumer confidence data. The cooling labor market and lower consumer confidence could lead to a more dovish stance from the Federal Reserve, which could be positive for stocks.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80