A lackluster private sector jobs report coupled with some profit taking on light trading volumes pushed major indices into the red Wednesday. At the bell, the Down Jones Industrial Average dropped 0.4 percent to 17,698.18 while the S&P 500 lost 0.4 percent to 2,059.69. The WWD Global Stock Tracker mirrored the Dow with its own 0.4 percent decline to 115.13.
In the WWD composite there were 57 gainers and 42 decliners, and one issue that was unchanged. The declines were tepid — most between 0.5 and 2 percent. Again, trading volume was relatively light compared with the past few weeks.
The weak start of the second quarter was marked by private sector payroll data from ADP’s National Employment Report, which showed the smallest gain since January of last year. Other factors weighing on investors include the overall earnings outlook. Analysts note that corporate earnings are a key factor for driving trading volume and price. Right now, there’s no compelling reason to dive into the market from an earnings outlook perspective.
On the economic calendar, factory orders and inventories are on deck for tomorrow as well as “continuing” jobless claims.