{"id":68746,"date":"2023-10-04T15:49:18","date_gmt":"2023-10-04T19:49:18","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/u-s-stocks-rise-after-softer-than-expected-adp-jobs-data\/"},"modified":"2023-10-04T15:49:21","modified_gmt":"2023-10-04T19:49:21","slug":"u-s-stocks-rise-after-softer-than-expected-adp-jobs-data","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=68746","title":{"rendered":"U.S. stocks rise after softer-than-expected ADP jobs data"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002576856\" role=\"document\">\n<p>U.S. stock indexes rose in the final hour of trading Wednesday as bond yields eased after weaker-than-expected labor market data in the wake of a sharp sell-off Tuesday which wiped away the Dow Jones Industrial Average\u2019s gains for 2023 gains. <\/p>\n<h2>How are stock indexes trading<\/h2>\n<ul class=\"articleList\">\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       rose 111 points, or 0.3% to 33,114<\/p>\n<\/li>\n<li>\n      The S&amp;P 500 index<br \/>\n        SPX<br \/>\n       gained 28.8 points, or 0.7%, to 4,258<\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP<br \/>\n       gained 169 points, or 0.3%, to 13,227<\/p>\n<\/li>\n<\/ul>\n<p>On Tuesday, the Dow industrials fell 431 points, or 1.29%, to 33,002, posting its biggest daily percentage drop since the March banking crisis and its lowest closing level since May 31, according to Dow Jones Market Data. The S&amp;P 500 declined by 1.4%, to 4,229, while the Nasdaq dropped 1.9%. <\/p>\n<div class=\"paywall\">\n<h2>What\u2019s driving markets<\/h2>\n<p>Stocks traded higher Wednesday as Treasury yields retreated, after payroll processor ADP said U.S. private-sector employment rose by a tepid 89,000 in September. That was the smallest increase in two and a half years.\u00a0Economists polled by the Wall Street Journal had forecast a gain of 150,000.<\/p>\n<p><strong>See:<\/strong> ADP says only 89,000 private jobs were created in September. That\u2019s way below forecast.<\/p>\n<p>Jeffrey J. Roach, chief economist\u00a0at LPL Financial, said investors should treat the ADP report with caution as it does not include government workers and is not a \u201cconsistent indicator\u201d of the official employment report that is set to publish on Friday morning. <\/p>\n<p>\u201cThat said, momentum within the labor market is slowing across the board in both goods-producing and services-producing businesses,\u201d Roach said in emailed commentary on Wednesday. <\/p>\n<p>\u201cThe labor market is cooling and is taking pressure off the Fed concerned with the risk of a second wave of inflation. Businesses should get some respite as inflation decelerates and the labor market comes into balance,\u201d he wrote. <\/p>\n<p>However, the economic data the markets have received this week, including the job openings and Wednesday\u2019s ADP report, show the pace of the labor-market softening is still \u201cvery slow\u201d and is not leading any indication that interest rates will come down anytime soon, said Tim Urbanowicz, head of research and investment strategy at Innovator ETFs.<\/p>\n<p>\u201cEverybody keeps trying to look for hope in the labor market, but it becomes very, very slow in that pace in order to really be confident and get to a point where we could see the Fed cuts interest rates \u2014 we have to see more deterioration in the labor market,\u201d Urbanowicz told MarketWatch via phone on Wednesday. <\/p>\n<p>\u201cWhether you see another [interest-rate] hike or not, you\u2019re not seeing rates come down anytime soon,\u201d he added.<\/p>\n<p>Meanwhile, an Institute for Supply Management (ISM) barometer of business conditions at service-oriented companies such as retailers and health-care providers fell slightly in September to 53.6 from 54.5 in the previous month. A reading above 50 indicates growth in the services industry. The reading matched the forecast of economists polled by The Wall Street Journal.<\/p>\n<p>\u201cOverall the survey evidence remains consistent with moderate economic growth, suggesting that the apparent strength in the third quarter was an anomaly,\u201d according to analysts at Capital Economics. <\/p>\n<p>Weakness in U.S. stocks on Wednesday was led by the energy sector after crude oil prices fell to their lowest intraday level in four weeks. The S&amp;P 500 Energy Sector<br \/>\n        XX:SP500.10<br \/>\n       was down 3.9% and was on pace for its largest percentage decline since May 2, according to Dow Jones Market Data.<\/p>\n<p> <strong>See:<\/strong> Rising Treasury yields are upsetting financial markets. Here\u2019s why.<\/p>\n<p>U.S. bond yields\u00a0eased lower on Wednesday after hitting fresh 16-year highs\u00a0in the previous session. The yield on the 2-year Treasury\u00a0<br \/>\n        BX:TMUBMUSD02Y<br \/>\n       slipped by 9.6 basis points to 5.088%, while the yield on the 10-year Treasury<br \/>\n        BX:TMUBMUSD10Y<br \/>\n      \u00a0also dropped 4.9 basis points to 4.755%.<\/p>\n<p>The choppiness came after the S&amp;P 500 shed 1.4% on Tuesday to close at its lowest level since the start of June as investors balked at the sight of benchmark borrowing costs hitting fresh 16-year highs in a reflection of concerns that a sturdy U.S. economy will cause the Federal Reserve to keep interest rates higher for longer.<\/p>\n<p>The trend was being felt globally, with benchmark German bund yields<br \/>\n        BX:TMBMKDE-10Y<br \/>\n       and U.K. gilts<br \/>\n        BX:TMBMKGB-10Y<br \/>\n       hitting multi-year highs, too, while the DAX equity index<br \/>\n        DX:DAX<br \/>\n       in Frankfurt trades at its lowest since March.<\/p>\n<p>\u201cWe\u2019re at risk of repeating ourselves on a daily basis now, but the last 24 hours saw the relentless bond sell-off continue, with yields rising to fresh multi-year highs on both sides of the Atlantic,\u201d said Jim Reid, strategist at Deutsche Bank.<\/p>\n<p>\u201cI struggle to see how the recent yield moves don\u2019t increase the risk of an accident somewhere in the financial system given the relatively abrupt end over recent quarters of a near decade and a half where the authorities did everything they could to control yields,\u201d Reid added.<\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      <strong>Apple Inc.<\/strong><br \/>\n        AAPL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202934861\/composite\" class=\"positive\">+0.81%<\/bg-quote><br \/>\n       rose 0.8% on Wednesday after KeyBanc\u2019s Brandon Nispel\u00a0cut his rating on the technology behemoth to sector weight, after being at overweight for at least two years. He said shares of the iPhone maker are trading near all-time high valuation and U.S. iPhone sales are likely to struggle. <\/p>\n<\/li>\n<li>\n      <strong>Moderna Inc.<\/strong><br \/>\n        MRNA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205619834\/composite\" class=\"positive\">+0.84%<\/bg-quote><br \/>\n       gained 1% after the company said its combination vaccine to protect against both COVID-19 and influenza generated a strong immune response compared to individual shots for the viruses in an early-stage study. <\/p>\n<\/li>\n<li>\n      <strong>Intel Corp.\u2019s <\/strong>shares<br \/>\n        INTC,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203649727\/composite\" class=\"positive\">+0.70%<\/bg-quote><br \/>\n       were up 0.8% after the chip maker said it would follow up last year\u2019s spinoff of Mobileye Global Inc.<br \/>\n        MBLY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/239789078\/composite\" class=\"positive\">+3.32%<\/bg-quote><br \/>\n       with an IPO of its programmable solutions group in the next few years.  <\/p>\n<\/li>\n<li>\n      <strong>Cal-Maine Foods Inc. <\/strong><br \/>\n        CALM,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/201864009\/composite\" class=\"negative\">-7.07%<\/bg-quote><br \/>\n       tanked 7% after the egg producer reported quarterly results well below investors\u2019 expectations and said the average price for a dozen eggs fell to $1.59 from $2.28 a year ago. <\/p>\n<\/li>\n<\/ul>\n<p>\u2014 Jamie Chisholm contributed. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/s-p-500-futures-recover-early-losses-after-treasury-yields-spike-3ddc7f4f?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stock indexes rose in the final hour of trading Wednesday as bond yields eased after weaker-than-expected labor market data in the wake of a sharp sell-off Tuesday which wiped away the Dow Jones Industrial Average\u2019s gains for 2023 gains. How are stock indexes trading The Dow Jones Industrial Average DJIA rose 111 points, or [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":28221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-68746","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. stocks rise after softer-than-expected ADP jobs data | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. stock indexes rose in the final hour of trading Wednesday as bond yields eased after weaker-than-expected labor market data in the wake of a sharp\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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