U.S. equities and stock exchange traded funds slid as a weak jobs report from the private sector and an ongoing rout in the fixed-income market drag on sentiment.
The ADP National Employment Report revealed private employers added 158,000 jobs in June, compared to estimates of 185,000 new additions, signaling some cooling in the labor market that is near full saturation, reports Tanya Agrawal for Reuters.
The report acts as a barometer for the monthly non-farm payrolls data, which includes both private and public sector data.
“The market moves significantly on the jobs report. We are expecting to see a little bit of a rebound from last month, but again we didn’t get that in the ADP number today which was also expected to be stronger than what it was,” Lindsey Bell, investment strategist at CFRA Research, told Reuters.