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Stock Futures Slither Lower After Worst ADP Jobs Report in 9 Years

By CCN.com: US stock futures slithered lower ahead of Wednesday’s opening bell in response to alarming jobs data that missed analyst estimates by a concerning margin.

Dow Futures Sink From Session High

As of 8:49 am ET, Dow Jones Industrial Average futures had gained 65 points or 0.26%, placing them well off their morning highs. At last check, DJIA futures traded at 25,411 – more than 100 points below their session peak of 25,524.

Futures tracking the Dow and other stock indices slid after the publication of disastrous jobs data. | Source: Yahoo Finance

S&P 500 futures added 7.25 points or 0.26%, and Nasdaq futures clung to gains of 31.75 points or 0.44%, priming the stock market for a much lower bounce at the open than traders had anticipated.

ADP Jobs Data Reignites Recession Fears

Stock futures relinquished their gains after ADP and Moody’s Analytics released a batch of worrisome employment data. Private payrolls added just 27,000 jobs in May, missing the analyst consensus estimate of 173,000 by more than 80%.

Even more concerning: CNBC reports that the May jobs print was the worst since March 2010, nearly a decade ago. That’s sure to reignite fears that the US economy sits on the brink of a recession.

Earlier, stock futures had surged, setting the Dow and its peers up to build on the June 4 rally that saw them post their second-best single-session rally of 2019.

Developing…stay tuned for additional stock market coverage.

Last modified: September 23, 2020 12:46 PM

Josiah Wilmoth

Josiah is the former U.S. Editor at CCN.com, where he focused on financial markets. He lives in rural Virginia. Connect with him on LinkedIn or email him directly at josiah.wilmoth(at)ccn.com.