The S&P 500 initially cheered the soft JOLTS report but now there's some skepticism that bad news is good news. The index is now down 24 points to 4100 and is threatening an outside day after yesterday's moderate gains.
The top performers in the index are defensive companies and tech is outperforming while cyclicals are sinking.
Overall, I think the market is still getting its legs underneath it as the new quarter kicks off. JOLTS is not a data point that's meaningful and a softer jobs market would be a reason for the market to cheer, not to fret.
