Hottest Reading on Labor Market Spurs Slide in Bonds
Unexpected Increase in Job Openings Raises Concerns
Just a day before the Federal Reserve decision, a hotter-than-estimated reading on the labor market spurred a slide in bonds, with traders dialing back their projections for interest-rate cuts.
Treasury losses were led by shorter maturities after a report known as JOLTS showed US job openings unexpectedly hit a three-month high. While the data isn’t seen as influential as the US jobs report, it raised concern about a potential upside surprise in Friday’s payrolls. Fed swaps trimmed the odds of a March rate reduction to about 35%.
Tech Giants Earnings Awaited
Stocks fluctuated ahead of results from two of the big techs that have powered the rally from the bottom: Microsoft Corp. and Alphabet Inc.
