US equities slip after job openings disappointment

February jobs report shows fewer jobs and layoffs on the rise, with DOGE federal layoffs likely not yet reflected

article-image

Arsenii Palivoda/Shutterstock and Adobe modified by Blockworks

share

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.


US equities slipped early in today’s session on February’s disappointing Job Openings and Labor Turnover Survey (JOLTS) report. 

The release shows that job openings continued to drop, while quits also declined. Hiring and firing rates were mostly unchanged. Layoffs, however, were on the rise. 

The S&P 500 and Nasdaq Composite indexes fell as much as 0.7% and 0.8%, respectively, after the report was published. 

Job openings came in at 7.56 million — a four-year low — compared with a projected 7.63 million. Additional DOGE-related layoffs and slowdowns in federal hiring are likely not included in February’s figures. 

Odds of a May interest rate cut from the Federal Reserve ticked up slightly on the report. Those odds now sit at 15.2%, per data from CME Group. 

Friday’s March employment report will give markets, and central bankers, a better look at current labor market conditions. If inflation continues to inch higher and the employment situation deteriorates further, the current pause may not last much longer.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
  • Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research

article-image

The platform also rolled out 13 tokenized funds for institutions on the Connect platform

article-image

The company’s expanded lineup introduces new ETF products, as more and more issuers get into crypto funds

article-image

President Donald Trump announced a 10% levy on almost all goods and additional tariffs on so-called “worst offending” countries

article-image

Solana may be in “recomposition” mode, as new protocols put usefulness ahead of mere virality

article-image

The stablecoin issuer will have to contend with bigger players and the interest rates environment

article-image

The president reportedly was still working on his tariff policy plans late Tuesday evening