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The Dow Jones rallied early Wednesday before dipping back to the open. US JOLTS data eased back more than expected in July. Markets have tilted further into bets of a double Fed cut in September. The Dow Jones Industrial Average (DJIA) whipped on Wednesday, rising at the start of the US market session but falling back into the day’s opening bids after the opening volley of US labor data disappointed investors. US JOLTS Job Openings in July missed the mark, adding 7.673 million available jobs compared to the forecast 8.1 million, compared to the previous month’s revised 7.91 million. With the Federal Reserve (Fed) broadly expected to begin cutting interest rates on September 18, markets are tilting further into bets of a 50 bps cut to kick off the next rate cutting cycle. Rate markets are still pricing in 100 bps in total cuts by the end of 2024, but there’s still a 57% chance of the Fed’s September rate call being a slimmer 25 bps, according to CME’s FedWatch Tool. Friday’s US Nonfarm Payrolls (NFP) report looms large and represents the last round of key US labor data before the Fed’s first rate trim. Friday’s NFP print is widely expected to set the tone for market expectations regarding the depth of a Fed rate cut, with investors fully priced in on the start of a new rate-cutting cycle this month. Economic Indicator JOLTS Job Openings JOLTS Job Openings is a survey done by the US Bureau of Labor Statistics to help measure job vacancies. It collects data from employers including retailers, manufacturers and different offices each month. Read more. Dow Jones news The Dow Jones tilted into the low side on Wednesday, with two-thirds of the equity index testing into the red for the midweek market session. Travelers Companies…

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Filed under: News - @ September 4, 2024 7:24 pm