Job Openings Plummet, S&P 500 Surges Ahead as Fed Inflation Rate Looms

Job openings in the US fell to the lowest level in over two years, meeting one of the tests set by Federal Reserve Chair Jerome Powell to avert additional rate hikes. The S&P 500 rose as the 10-year Treasury yield declined. The next key test will be the release of the Fed's primary inflation rate, the PCE price index, followed by the August jobs report. Powell's recent speech indicated a more hawkish stance on inflation, and the market is closely watching for any signs of tightening monetary policy.