Last Updated 5:26 PM EST
Stock indices finished today’s trading session in the green. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 1.32%, 0.97%, and 0.58%, respectively. Interestingly, at the macroeconomic level, more U.S. workers are job hunting this July compared to last year, as satisfaction with wages and non-wage benefits at their current jobs has dropped, according to a Federal Reserve Bank of New York survey.
The share of people who have searched for a job in the past four weeks jumped to 28.4%, the highest since March 2014, up from 19.4% in July 2023. The dissatisfaction is most evident among workers over 45, those without a college degree, and those with household incomes below $60,000.
The survey also revealed that while more workers expect to receive job offers in the next four months, the likelihood of becoming unemployed has reached a new high. The unemployment rate increased to 4.3% in July, up from 4.1% in June and 3.7% in January. Despite the expected rise in job offers, the average expected annual salary for these offers decreased to $65,272 from $67,416 a year ago.
Workers are also anticipating longer careers, with the average likelihood of working beyond age 62 rising to 48.3% from 47.7% a year earlier. The likelihood of working beyond age 67 increased to 34.2%, up from 32% in July 2023. This shift indicates that many workers are preparing for extended work lives, likely due to financial pressures and changes in retirement expectations.
First Published: 5:15 AM EST
U.S. futures were trending mixed on Monday morning after all three major indices finished last week with a solid rally. Notably, the S&P 500 (SPX) index marked its best week so far in 2024. A slew of favorable economic data, including solid U.S. retail sales and declining weekly jobless claims, led to enthusiasm among investors globally.
Futures on the Nasdaq 100 (NDX) and the S&P 500 were down about 0.23% and 0.07%, respectively, while those tied to the Dow Jones Industrial Average (DJIA) were up 0.05% at 5:15 a.m. EST, August 19.
For the week ended August 16, the SPX, NDX, and DJIA gained 3.93%, 5.38%, and 2.94%, respectively.
Investors are looking ahead to minutes from the FOMC’s (Federal Open Market Committee) latest policy meeting, scheduled for Wednesday. Additionally, Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole symposium on Friday, August 23, will be watched closely to draw clues on the September interest rate cut.
Meanwhile, some of the interesting earnings releases to watch today include that of cybersecurity firm Palo Alto Networks (PANW) and beauty company Estée Lauder (EL).
Meanwhile, the U.S. 10-year treasury yield was down, floating near 3.867% at the time of writing. At the same time, WTI crude oil futures were trending lower, hovering near $76.17 per barrel as of the last check.
Elsewhere, European indices opened mixed this morning after most of them witnessed a notable rally last Friday. The possibility of a soft landing in the U.S. encouraged investors worldwide.
Asia-Pacific Markets End Mixed on Monday
Asia-Pacific indices finished mixed on Monday, as investors anticipate a series of inflation data as well as central bank decisions this week.
Hong Kong’s Hang Seng index and China’s Shanghai Composite and Shenzhen Component indices ended up by 0.80%, 0.49%, and 0.08%, respectively.
On the other hand, Japanese indices fell on weaker-than-expected core machinery orders data for June. Nikkei and Topix indices closed down by 1.77% and 1.40%, respectively.
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