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The Job Openings and Labor Turnover Survey (JOLTS) published by the Labor Department on Monday revealed a 6.2 percent m-o-m surge in the U.S. job openings in June after a revised 3.2 percent m-o-m advance in May (originally a 0.2 percent m-o-m gain).

According to the report, employers posted 10.073 million job openings in June compared to the May figure of 9.483 million (revised from 9.209 million in the original estimate) and economists’ expectations of 9.281 million. This was the highest reading since the series began in December 2000. The job openings rate was 6.5 percent in June, up from a revised 6.1 percent in the previous month (originally 6.0 percent). The report showed that the job openings rose in several industries, with the largest gains in professional and business services (+227,000), retail trade (+133,000), and accommodation and food services (+121,000).

Meanwhile, the number of hires climbed 11.6 percent m-o-m to 6.719 million in June from a revised 6.022 million in May (originally 5.927 million). The hiring rate was 4.6 percent in June, up from a revised 4.2 percent in the prior month (originally 4.1 percent). Hires went up in retail trade (+291,000), state and local government education (+94,000), and durable goods manufacturing (+36,000).

The separation rate in June was 5.584 million or 3.8 percent, compared to 5.330 million or 3.7 percent in May. Within separations, the quits rate was 2.7 percent (+0.2 p.p. m-o-m), and the layoffs rate was 0.9 percent (flat m-o-m).

U.S. stock-index futures traded mixed on Monday, as investors responded to a sharp decline in oil and gold prices that was sparked by recent appreciation of the U.S. dollar, reflecting heightened bets on earlier-than-expected tapering of Federal Reserve stimulus, and demand concerns linked to rising COVID-19 cases.

Global Stocks:

(company / ticker / price / change ($/%) / volume)

Advanced Micro (AMD) upgraded to Market Perform from Underperform at BMO Capital Markets; target raised to $110

Tesla (TSLA) upgraded to Buy from Hold at Jefferies; target raised to $850

FXStreet notes that S&P 500 has reached the 4436/56 zone but strategists at Credit Suisse continue to not chase strength through here for now and look for a temporary and corrective pause to emerge. 

“S&P 500 has finally achieved our Q3 objective zone at 4436/56 and whilst we maintain our view of looking for a potential but temporary stall in the rally here, we continue to acknowledge the strong underlying momentum suggesting the ‘path of least resistance’ overall stays seen higher.”

“We look for the top of the range and trend resistance from April at 4455/59 to try and cap for now with support seen at 4416 initially, then 4402/00. Below this latter area is needed to ease the immediate upside bias for a fall back to more important price and gap support at 4381/64, but only below here would mark a near-term top for a corrective phase and a fall back to support at 4350, then 4331/21.”

Tyson Foods (TSN) reported Q3 FY 2021 earnings of $2.70 per share (versus $1.40 per share in Q3 FY 2020), beating analysts’ consensus estimate of $1.67 per share.

The company’s quarterly revenues amounted to $12.478 bln (+22.1% y/y), beating analysts’ consensus estimate of $11.515 bln.

TSN rose to $72.50 (+1.94%) in pre-market trading.

Barrick (GOLD) reported Q2 FY 2021 earnings of $0.29 per share (versus $0.23 per share in Q2 FY 2020), beating analysts’ consensus estimate of $0.26 per share.

The company’s quarterly revenues amounted to $2.893 bln (-5.3% y/y), roughly in line with analysts’ consensus estimate of $2.922 bln.

GOLD fell to $20.46 (-1.63%) in pre-market trading.