Afternoon Note
Stocks are heading lower and putting the Santa Rally in jeopardy as we got the latest economic data.
According to the latest JOLT’s report, job vacancies declined to 8.79 million in November, being the lowest level in more than two years.
Quits rate has been trending down, hitting its lowest level since September 2020.
ISM Manufacturing improved to 47.4 but it is still below the neutral 50. Prices paid at 45.2 missed consensus of 49.5 and declined in December, while Employment improved and giving a good sign for the Fed’s inflation fight.
Energy is the big winner in today’s session, rising alongside crude prices.
The Street will be watching for the 2pm release of the Fed’s minutes from last month’s meeting.
Comments |
The sudden jump in Oil Prices due to unrest in the shipping industry is a known driver of Inflation. That coupled with passing the $34 Trillion debt milestone is likely a key driver of the Market Reaction. The fact that a large percent of GDP is Government spending is also a concern. Paul on 1/3/2024 2:26:14 PM |
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