Today's Scoop:

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Here's what you need to know today...

1. The jobs market is still strong.

2. There are way more job openings than available workers.

3. Fewer people are quitting.

S&P 500: 3,992.011Mo: -2% | 1Yr: -7% | 5Yr: +43%

The market wobbled today, with investors still unsure where the economy is going. New data today about the jobs market has investors worried the economy is still overheating and needs more restrictive economic policy and higher interest rates to avoid higher inflation.

The jobs market is still strong, and the hiring momentum hasn't stopped. A report from payroll service provider ADP showed private sector companies hired 242,000 more people last month, more than economists expected. The most significant gains were in services like leisure and hospitality.

There are way more open positions than available workers. Labor Department's Job Openings and Labor Turnover Survey (JOLTS) reported 10.8 million available positions in February, a slight decline from near-record levels in January. There are nearly two available jobs for every unemployed worker. The economy is running so hot that the supply of workers can't service what businesses need. Policymakers are trying to raise interest rates and slow business activity until supply and demand are more in balance. 

Fewer people are quitting. The JOLTS report said the quits rate fell to the lowest level since March 2021.

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• Fox Corp sued for false election fraud claims

• WeWork's looking for more money [🤓]

• JetBlue's merger with Spirit gets blocked

• American Airlines boost pilot pay

• Starbucks CEO to testify over union-busting claims

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How companies get money

Companies sometimes need extra money. When sales aren't covering their expenses or plans for expansion, companies can take out regular loans from banks, open revolving credit facilities like a corporate credit card, or borrow from investors with bonds.

If they don't want debt, companies can also sell an ownership stake in their business for cash, aka stock or equity. The first time they sell shares to public investors is called an Initial Public Offering (IPO), where they raise money from public investors like us. Anytime they sell new shares after that is called a secondary offering or issuance.

Companies only get money from selling new portions of their company for the first time. Once the stock is out there, we're all just buying and selling from each other.

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