Market Updates
Stocks Drop After JOBS Report and Dimon Hurricane Comments
Barry Adams
01 Jun, 2022
New York City
U.S. stocks struggled after the latest employment survey showed a sharp decline in available jobs.
The S&P 500 index declined 0.6% to 4,105.29 and the Nasdaq Composite fell 0.2% to 12,055.70.
The yield on 10-year Treasury notes increased to 2.93%.
The futures of crude oil jumped 2% to $116.15 a barrel and natural gas jumped 5% to $8.53 a mBTU unit.
In volatile trading, market indexes opened higher and quickly dropped below the flatline after the the Bureau of Labor Statistics released the JOLTS or Job Openings and Labor Turnover Survey.
The job openings declined 445,000 from an upwardly revised 11.855 million in March.
The gap between the number of people searching for jobs and available jobs shrank to 5.46 million in April from 5.6 million in March.
Job openings as a share of the labor force declined to 7%.
Recent comments from JPMorgan Chairman Jamie Dimon also weighed on the market.
The economy is "headed for a hurricane" and "you better brace yourself" and no one knows if the hurricane is
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