The Market News Today: JOLTS Survey Forecasts Dip in Job Openings

US JOLTS Preview: Job Openings Expected to Dip Below 9 Million in February

As investors await Friday’s March jobs report, analysts anticipate a slight decrease in job vacancies to 8.79 million, signaling a potential cooling in labor demand. The Job Openings and Labor Turnover Survey (JOLTS), to be released by the US Bureau of Labor Statistics, offers critical insights into the labor market’s dynamics, influencing salary trends and inflationary pressures. Despite the downward trend, job openings remain above pre-pandemic levels, reflecting ongoing economic recovery efforts.

Stock Futures Slip as S&P 500 Starts April with Declines

Stock futures slipped Tuesday morning as the S&P 500 and Dow Jones Industrial Average began April with declines. S&P 500 futures edged lower by 0.2%, Nasdaq 100 futures dipped 0.16%, and Dow futures fell 0.60%, driven by UnitedHealth’s decline. In extended trading, health insurers tumbled after the CMS announced 2025 Medicare Advantage rates, with Humana down 9%, UnitedHealth 4%, and CVS Health nearly 6%. Market sentiment steadied despite upbeat manufacturing data, with a 58% probability of a June Fed rate cut, indicating a relatively stable market outlook. Traders await the February Job Openings and Labor Turnover Survey and durable orders for further economic cues.

Gold Prices Hover Below Record Highs Amid Firm Dollar and Treasury Yields

Spot gold remained steady at $2,250.79 per ounce, staying below Monday’s record peak of $2,265.49, while U.S. gold futures rose 0.6% to $2,271.30. Despite recent highs, overbought conditions prompted a mild pullback. The U.S. dollar near a 4-1/2-month high and elevated Treasury yields limited gold’s gains, following positive U.S. manufacturing data. Expectations of a June interest rate cut declined to 63% after the data release. Attention turns to Friday’s U.S. nonfarm payrolls report for further market direction.

Oil Prices Gain on Demand Recovery and Middle East Tensions

Brent futures for June delivery rose to $87.79 a barrel, while WTI crude futures for May climbed to $84.03 a barrel. Strengthening demand, driven by robust U.S. and Chinese manufacturing data, bolstered prices. The prospect of U.S. futures breaking a technical resistance level at $84.00 could push them towards the mid-$90s. Escalating tensions in the Middle East, highlighted by an Israeli strike on Iran’s embassy in Syria, raised concerns about potential disruptions to oil supply. OPEC’s upcoming meeting aims to review market conditions and members’ compliance with output cuts.

Bitcoin Plunges to $66,000 Before Partial Recovery

Bitcoin’s price briefly dropped to $66,000, down from its all-time high of $73,500, resulting in over $240 million in liquidated positions. Long liquidations accounted for $190 million, with Bitcoin alone seeing $88.43 million in total liquidations, the largest since March 19.