Fireside Charts: U.S. Job Openings Drop 14% YoY, The Big Get Bigger, and the Velocity of Money Hits Six+ Decade Low

The number of U.S. job openings fell short of expectations to hit a two-year low in December, reigniting fears of a softening economy. This marks the second significant decline in a row and a 14% (1 million+) year-over-year drop. The S&P 500 may be continuing to reach new highs, but we're fairly sure the state of the job market has the Fed's (and Claudia Sahm's) ears perked up. Mega-caps continue to be the driving force behind strong U.S. market performance with the S&P 500's two largest companies, Apple and Microsoft, now comprising nearly 10% of the index. But you know what they say about putting all of your eggs in one basket... And while mega-cap market share is growing, the velocity of money in U.S. just hit a six+ decade low in a sign of slowing spending and—potentially—a contracting economy. Meanwhile, the coronavirus, now named COVID-19 by the WHO, continues to threaten economic growth. However, the Chinese market is rebounding on hopes of additional stimulus and some select commodities are on the rise; what will it take to sustain the trend?