The Nasdaq 100 (NDX) is down by more than 1% following a better-than-expected Job Openings and Labor Turnover Survey (JOLTS) report. The technology index has secured a series of new record-highs during the past week, although its momentum is now cooling down.
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Job openings totaled 7.769 million in May, well above the expectation for 7.300 million and rising from 7.395 million in April, which was revised higher from 7.391 million. In other words, companies continue to hire for new positions despite the risk of an economic slowdown and the return of inflation from tariffs.
Layoff Levels Fall as Job Openings Rise
Meanwhile, the number of May layoffs was also lower than the expectation for 1.831 million, coming in at 1.601 million and decreasing from the upward revised figure of 1.789 million in April.
The Nasdaq 100 falling from the JOLTS report shouldn’t be a cause for concern, at least not yet. The index has surged higher by over 4% during the past month, so a normal drawdown should be viewed as the market taking a breather as it prepares for its next leg higher. In addition, the index is still well above its 50, 100, and 200-day moving averages, signaling that buyers remain in control.
The Nasdaq 100 is down by 1.15% at the time of writing.
