VRALetter

VRA Letter: Jobs Data, a Shot Across the Fed’s Bow. Massive Win for Bitcoin. Here Comes DOJO, Tesla’s AI Supercomputer. Falcon Oil and Gas News.

Good Wednesday morning. Stocks were sharply higher yesterday, with the best internals we’ve seen since the markets peaked in July, as July job openings data (JOLTS) added more evidence of a cooling labor market and more support ...

Posted On August 30, 20237 MIN Read
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Good Wednesday morning. Stocks were sharply higher yesterday, with the best internals we’ve seen since the markets peaked in July, as July job openings data (JOLTS) added more evidence of a cooling labor market and more support for an eventual easing of interest rates by the Fed. The semis led tech, with tech leading the broad market higher. Textbook bull market action.

New numbers showed job openings in July fell to a 28-month low, with fewer workers quitting. Job listings dropped to 8.8 million, lower than the forecast of 9.5 million. Meanwhile, 3.5 million people quit their jobs in July, the lowest level in over two and a half years (a sign that job seekers are getting more cautious).

Consumer confidence also fell in August, dropping to 106.1 from 114, according to the Conference Board Compared to July.

The data increased the chances that the Federal Reserve will ease off on any additional rate hikes (as they absolutely should).

Tyler covered this topic in great detail y...

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