JOLTs Job Openings Meet Analyst Expectations

On April 2, 2024, the U.S. released JOLTs Job Openings report for February. The report indicated that JOLTs Job Openings remained unchanged at 8.75 million (the previous reading was revised from 8.86 million to 8.75 million). Analysts expected JOLTs Job Openings of 8.75 million, so the report met analyst consensus.

Today, traders also had a chance to take a look at the Factory Orders report for February. The report showed that Factory Orders increased by 1.4% on a month-over-month basis, compared to analyst consensus of +1%. Factory Orders ex Transporation increased by 1.1%.

Treasury yields have started to move away from session highs after the release of the economic reports. From a big picture point of view, Treasury yields have settled near multi-month highs as bond traders bet on a more hawkish Fed. The recent economic data indicated that the U.S. economy remained strong, so Fed may be forced to keep rates higher for longer to fight inflation.

U.S. Dollar Index tested session lows as traders reacted to JOLTs Job Openings report. Currently, U.S. Dollar Index is trying to settle below the 104.75 level. Traders take some profits off the table near multi-month highs.

Gold tested new highs above the $2270 level as traders focused on U.S. dollar’s pullback. Rising Treasury yields did not put any pressure on gold markets in today’s trading session.

SP500 pulled back below 5200 after the release of the reports. Profit-taking in tech stocks is the key driver for today’s pullback.

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