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Expectation for rate cut prompts high demand for US equities
TOPICSTags: Federal Reserve, Nonfarm Payrolls
US equities ended higher on Tuesday following the release of employment data from United States which reaffirms expectations for interest rate cut later this year. According to JOLTs, US job openings fell to its lowest level in 3 years with 8.059 million vacancies for April.
The report shows significant reduction in job vacancies which suggests easing in labour market tightness that would indirectly affect inflationary pressure. It also came after a series of data which suggests economic cooling, further emphasizing the need for a rate cut to ensure smooth economic progression.
(S&P 500, Daily Chart, TradingView)
In the meantime, investors will look forward for the release of Nonfarm Payrolls report which could reaffirm Fed’s likelihood for policy adjustment later this year. As of writing, Dow Jones rose 0.36% to 38,7111, S&P 500 gained 0.15% to 5,291 and Nasdaq inched up 0.17% to 16,857.
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