S&P Static on Payroll Numbers
The S&P 500 was relatively unchanged on Wednesday after a new report showed private payrolls surprisingly decreased in June, raising concern over the state of the U.S. economy.
The Dow Jones Industrials withered 101.49 points to 44,393.45
The much broader index eked up 2.72 points to 6,200.73
The NASDAQ Composite added 69.38 points to 20,272.27.
The private sector lost 33,000 jobs last month, according to the latest report by ADP. That marks the first monthly decline in ADP’s payrolls report since March 2023. Economists polled by Dow Jones expected payrolls to grow by 100,000.
The report comes with the stock market near record highs despite concerns that lingering trade tensions between the U.S. and other countries could slow U.S. and global economic growth.
To be sure, the ADP report has a lackluster record predicting the government’s monthly jobs report, which is due out Thursday. Economists expect growth of 110,000 jobs for June.
Jefferies upgraded Ross Stores to buy from hold Tuesday, citing the stock’s wide valuation gap to its peers and the opportunity for margin improvement. The firm also raised its price target to $150 from $135, implying more than 15% upside from Monday’s close.
Ross shares gained $1.22 to $131.19.
Prices for the 10-year treasury were lower, raising yields to 4.29% from Tuesday’s 4.25%. Treasury prices and yields move in opposite directions.
Oil prices took on 31 cents to $65.76 U.S. a barrel.
Gold prices ditched $3.60 to $3,346.20 U.S. an ounce.
