CHART OF THE DAY: Falling job openings raise red flags for the stock market – ‘Sell the last hike’

• An ongoing decline in job openings is not a good sign for the stock market, according to Bank of America.
• Job openings have dropped 27% since their peak of 12 million in March 2022.
• The bank highlighted that since 2001, job openings and the S&P 500 have had a strong correlation.

Our Chart of the Day is from Bank of America, which highlights that an ongoing decline in job openings could bode poorly for the US stock market.

The chart shows that since 2001, job openings have been closely tied to the S&P 500. With job openings down 27% since their March 2022 peak of 12 million, that suggests the stock market is likely to follow.