Tuesday's Markets Update (May 2, 2023)

03 May 2023 by rate3

On Tuesday, BLS reported that JOLTS' decrease surpassed expectations. However, this did not affect traders, who remained focused on a banking debacle. As a result, JPM was devalued by -11.4 percent, BOA by -2.4 percent, and WFC by -2.9 percent. NASDAQ (o:12198, c:12080, down 0.9 percent) succumbed to the mood, while BTC (o:28106, c:28686, up 2.0 percent) continued to fluctuate.

March's job openings decreased to 9.6M (-384K), 1.6 million lower than December, while projections expected 9.77M. Job openings decreased in transportation, warehousing, and utilities (-144K) but increased in educational services (+28K). Additionally, layoffs and discharges increased to 1.8M. These figures indicate the labor market may be cooling off, but not enough to satisfy Jerome, who is poised to continue raising the rate (currently 5.0 percent) until it allegedly reaches the core inflation rate (currently 5.6).