Labor market, Fed policy, tech rotation: Market trends

The S and P 500 NASDAQ slipping as the slugger starts to September, continues the hour finances.That's job openings and the Labour turn turnover survey.Weakest number we've seen since January of 2021.So this is the ratio of job openings per unemployed worker.That ratio has fallen to about 1 to 1.So not only is this perhaps a sign of labour market cooling, it's actually starting to fall below where we were before and trending downward.

As you can see as it comes down, it normally kind of falls in a little bit of a straight line, which could be concerning.We were talking about the show today, which is how growth concerns may be getting bubbling up back in the bloodstream because you had manufacturing and jolts and then you had Fed's beige book that hit, you know, districts reporting flat or declining activity jumped from 5 to 9.

But shock investors to some extent, I think at that point, but one other thing we have been tracking here, I'm gonna get over to 0.3 a rotation out of Tech.Here it's the percent of S and P 500 members that are outperforming the index doing better than the S and P 500.Right now we are at 71 Josh going back to 1993 which was the furthest data that Schwab was looking at.So that's a pretty big eye popping number.

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