Stock Futures Slither Lower After Worst ADP Jobs Report in 9 Years
| Source: AP Photo / Richard Drew
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.
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.
