April JOLTS data showed 7.6 million job openings, beating the 7.3 million consensus estimate and holding well above levels that would concern the Federal Reserve, sending the 10-year Treasury yield up to 4.51% in pre-market trading. S&P 500 futures slipped 0.3% following the release as traders repriced the probability of a September rate cut lower. The dollar index held near 99.2, little changed, while fed funds futures now imply just a 54% chance of a cut by the Fed’s September meeting.
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