Market Jitters as Job Openings Unexpectedly Rebound; S&P 500 and Dow Fall for a Second Day

Market Overview

U.S. equities traded mixed as investors turned cautious ahead of the highly anticipated Federal Reserve decision. The S&P 500 and Dow Jones Industrial Average slipped for a second consecutive session, both retreating to one-week lows. JPMorgan tumbled nearly 5%, leading declines among Dow components. Meanwhile, the Nasdaq staged a mild rebound.

Semiconductors paused their multi-day rally, with NVIDIA edging slightly lower, while Broadcom gained more than 1% and notched a fresh all-time high. Apple extended its losing streak to five sessions, whereas Tesla and Alphabet both climbed over 1%.

On the macro front, the Fed-watching JOLTS report surprised to the upside, showing job openings increased rather than declined—an unexpected sign of renewed labor-market strength. The data sent Treasury yields sharply higher intraday, with the 10-year yield approaching a two-month high. The U.S. dollar index also strengthened, reaching its highest level in a week.

Crypto markets surged, with Bitcoin jumping more than 5% intraday and breaking above $94,000, while Ethereum briefly rallied nearly 10%. In commodities, silver stole the spotlight—surging past $60 for the first time in history, with futures up nearly 5% at one point. Gold bounced off intraday lows, but crude oil extended its slide for a second day to a two-week low. LME copper also pulled back from record territory.

Hot Topics to Watch● U.S. Treasury Auction Sees Strong Foreign Demand

The U.S. Treasury sold $39 billion in 10-year notes on Tuesday, with foreign bidders taking 70.2%—the highest allocation in nearly four months. The bid-to-cover ratio rose to 2.55. Despite the strong auction metrics, the sale failed to lift Treasuries. Earlier in the session, yields spiked after the October JOLTS data unexpectedly increased, pushing the 10-year yield toward a two-month high.

● BOJ Governor: Rate Hikes Possible if Economic Outlook Materializes

Bank of Japan Governor Kazuo Ueda told parliament on Tuesday that the central bank “will raise rates if the economic outlook materializes as expected,” while declining to comment on specific rate levels or timing. Ueda noted that long-term yields should primarily be determined by market forces, but the BOJ may increase bond purchases under “special circumstances,” given the recent rapid rise in yields. During his remarks, Japans benchmark 10-year yield continued to trend lower.

In recent weeks, Japans medium- and long-term yields have climbed steadily, with the 10-year yield hitting an 18-year high and the 20-year yield reaching a record high.

Key Events to Watch (GMT+8)

21:30 US — Q3 Labor Cost Index (QoQ)

23:30 US — EIA Crude Oil Inventories (Week ending Dec 5)

Overnight:

03:00 US — Federal Reserve Interest Rate Decision (Upper Bound)

03:30 US — Fed Chair Powell Press Conference