Market check: Stocks gain, meme stocks weaken ahead of GME earnings

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Yahoo Finance’s Jared Blikre and Brian Cheung join the Live show to break down data on job openings in April, the market and sector actions heading into the day’s final trading hour, the bond market, and meme stocks.

Video Transcript

DAVE BRIGGS: What are we learning today about job openings across the country?

BRIAN CHEUNG: Yeah, Dave, as you mentioned, we got data this morning from the Bureau of Labor Statistics, detailing all of the job market turnover that we see. This is different than the monthly employment report that you tend to see. But what we really want to look at is, how many job postings are employers trying to fill?

And if you take a look at the chart of what job openings look like, you can see that actually, it didn’t really tick down all that much between March and April, which was the latest data that we got as of this morning. 11.4 million job openings, extremely elevated by historical levels. Businesses having a difficult time staffing up. We saw that the quits rate also remain elevated at 4.4 million.

We did, however, see the layoffs rate decline to 0.8%, so not that many people getting laid off of their job, at least in the month of April. That is, by the way, a series low, at least from the Bureau of Labor Statistics since they began collecting this report. So, all in all, it shows that even with the Federal Reserve raising interest rates, they haven’t necessarily slowed the demand for hiring. Still very difficult for employers to find workers right now, guys.

SEANA SMITH: All right, thanks so much, Brian. And Jared, you’re taking a look at the markets. It’s the first trading day of June. Some fear, though, still in the markets, as there’s worry over the economic growth.

JARED BLIKRE: Yes, there is, Seana. And let’s take a look at the charts here. We are off the lows, so you’re seeing a lot of red. But let’s take a look at the NASDAQ, for instance. You can see over the last five days, still holding on to 7% worth of gains. And let’s talk about the bond market since we have Brian Cheung here.

BRIAN CHEUNG: Oh, why not? We love bonds here.

JARED BLIKRE: I know. This is a 10-year T-note yield. It is up another nine basis points today. It was up about 10 basis points yesterday. That’s a pretty big move. That’s 20 basis points in two days, heading back up to 3%.

BRIAN CHEUNG: And just really important to note that, actually, this is still lower than what we saw the highs in terms of the 10-year note. It was actually, in the beginning of May, as high as, I believe, 314 basis points. So it seems like perhaps, as the Fed has messaged that it’s going to stay course on that 50 basis points moves in the next two meetings, that perhaps it’s taking some steam out of the long bond.

JARED BLIKRE: Yeah, and let’s take a look because we do see a little bit of the growth trade working today, specifically in the software sector. We’ll get to that in a minute. You can see energy in the green. That’s up 1.8%. Thank you for that, Brian.

BRIAN CHEUNG: I got you on the assist.

JARED BLIKRE: You got it. And tech just about trading around the unch, as they call it here. I promise we’re going to get to some software names, so we have to do that. That is on the back of Salesforce earnings. And you can see, Salesforce should be dark green– there we go– up 10.8%. Let’s take a check of the year to date. And you can see, down 30%. A lot of software names getting hit hard. Just want to check in on the meme space because we got GameStop earnings after the bell. Going to be bringing those to you live. And it’s been a rocky year. Another rocky year so far for GameStop. Nothing new, guys.