S&P Headed For Its First Decline in 5 Days! 😱
The S&P 500 headed for its first decline in five days after a reading of job openings dropped below 10 million for the first time in nearly two years, a sign the once hot labor market supporting the economy is starting to slow.
“There’s still plenty of job openings relative to [the] unemployed,” said Ed Yardeni, president of Yardeni Research. “The market is very sensitive to any minor change in the direction that they don’t want to see.”
U.S. FEBRUARY JOB OPENINGS FALL TO 9.931M, LOWEST SINCE MAY 2021
Bullish numbers for the Fed
Tuesday’s declines put the S&P 500 and Dow on track to snap a four-day winning streak. The rose 0.4% and 1%, respectively, on Monday.
To be sure, markets have been resilient as of late, with the major averages rising even when faced by persistent inflation, a banking crisis and higher rates.
This week, the energy market became another potential source of uncertainty, after OPEC+ announced it was slashing output by 1.16 million barrels of oil per day. West Texas Intermediate futures had their biggest daily gain in nearly a year on the news. On Tuesday, however, crude traded slightly lower.
A vicious cycle to profit the rich
“Given the transition the world is undergoing as it embraces ‘clean and green energy,’ OPEC+ understands all too well that its still highly valued ‘liquid gold’ will at some point begin to lose its shine,” said Quincy Krosby, chief global strategist for LPL Financial.
“Until then, as the countries dominating OPEC+ prepare for the future by spending trillions of dollars rebuilding infrastructure and refocusing away from crude oil as their primary source of income, managing the price of crude will be used more directly and aggressively than was anticipated,” she added.
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