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

stock market crash
| 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.

dow futures, stock futures
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.

Josiah Wilmoth edited this article for CCN - Capital & Celeb News. If you see a breach of our Code of Ethics or find a factual, spelling, or grammar error, please contact us.

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