JOLTs Job Openings Surpass 9 Million, Surpassing Predictions

Consumer confidence reaches highest point in two years as pessimism about the future decreases.

Highlights

• JOLTs Job Openings rose from 8.925 million in November to 9.026 million in December.
• Consumer confidence index for CB climbed from 108 in December to 114.8 in January.
• The U.S. dollar strengthened as traders speculated on a more hawkish stance from the Fed.

On January 30, 2024, traders examined the JOLTs Job Openings report, which revealed an increase from 8.925 million (revised from 8.79 million) to 9.026 million, surpassing the analyst consensus of 8.75 million. This report exceeded expectations and underscored the strength of the U.S. job market.

Today, traders will also focus on the CB Consumer Confidence report. The report indicated that CB Consumer Confidence rose from 108 in December to 114.8 in January, slightly below the analyst consensus of 115.

The Present Situation Index improved from 147.2 in December to 161.3 in January, while the Expectations Index increased from 81.9 to 83.8.

The Conference Board stated: "January's rise in consumer confidence likely reflected moderating inflation, expectations of lower upcoming interest rates, and generally favorable employment conditions as companies continue to retain labor."

The U.S. Dollar Index gained ground following the release of the reports and is currently attempting to settle above the 103.60 level. Rising Treasury yields further bolstered the American currency.

Gold retraced below the $2035 level as traders turned their attention to increasing Treasury yields and a stronger dollar.

The S&P 500 settled around the 4925 level after the release of the better-than-expected JOLTs Job Openings report. The Fed policy outlook remains a crucial factor for stock traders ahead of the upcoming Fed Interest Rate Decision, scheduled for tomorrow.