Dow, S&P 500 drop on job worries
A slowdown in a hiring survey gave investors a reason to pause on Wednesday - one day after the S&P 500 closed at a record high.
The Dow dropped 323 points. The S&P 500 fell 20. The Nasdaq rose 19.
Private hiring in July was the lowest in five months, according to payroll processing company ADP. Economists say the data suggest the labor shortage hasn't gotten better. Some have blamed extra jobless benefits, lack of affordable child care and health fears for keeping potential workers, mostly women, at home.
Whatever is behind the slowdown in hiring, the ADP report is causing some concern ahead of Friday's government jobs data, says Randy Warren. He's chief investment officer at Warren Financial.
"You know, the ADP number is not always a great indicator of what the jobs report is going to be on Friday, but it certainly, you know, 300-and-something-thousand - a little bit worrisome when you're considering that the the anticipated number for Friday is 870,000 or something like that. That's a big number and the market would be very disappointed with the number in the three, four or five handle."
Other economic figures were more upbeat. Activity in the vast U.S. services sector sprinted to a record high in July.
Earnings were a mixed bag.
General Motors posted record pre-tax profits and raised its outlook for the year on the strength of sales of its pick-up trucks. But investors are worried about future impact of the long-lasting chip shortage. Shares of GM slumped nearly 9 percent.
Kraft-Heinz beat sales forecasts as eating at home remained strong even though Americans are dining out more. But the maker of ketchup and macaroni and cheese warned it is getting squeezed by higher food costs. The stock fell roughly 5 percent by the closing bell.
After the close, Uber posted a much wider-than-expected adjusted quarterly loss.
Outside of earnings: Robinhood, which had a dud of an IPO last week, surged on Wednesday as the Reddit crowd stepped in to give the stock meme status. The stock had a one-day rally of 50 percent.
相關影片推薦
- 1:51罹大腸癌無法再改車 家屬辦拍賣會延續愛|#鏡新聞鏡新聞115,478 次觀看・16 小時前
- 1:44台版「寄生上流」! 保全疑窩居台中12期豪宅地下室東森新聞影音2,787 次觀看・21 小時前
- 2:02停紅燈遭後車撞亡 業務員上班遇死劫獨留妻兒TVBS新聞網影音10,101 次觀看・2 天前
- 1:42【直擊】余天孫子女終於回家了!樂樂緊抱余筱萍 拉著余祥銓捨不得放娛樂星聞221,276 次觀看・1 天前
- 1:08粉絲抱怨IVE服裝張員瑛又獨自美麗 秋天甚至被說像工地主任:只差一頂安全帽娛樂星聞5,497 次觀看・2 天前
- 1:57Energy太狂!簽唱會湧5千名粉 王子鬆口「棒棒糖」回歸:接洽中TVBS新聞網影音2,804 次觀看・15 小時前
- 1:21北市信義區女陳屍屋中估逾2週 警鎖定丈夫追查華視影音5,257 次觀看・2 天前
- 1:05金智媛《淚之女王》減肥終於結束 露出幸福笑容說自己吃了炸醬麵娛樂星聞12,637 次觀看・9 小時前
- 1:07王力宏難敵歲月摧殘顏值崩塌! 新造型網友不買單直呼:老態盡顯娛樂星聞11,792 次觀看・2 天前
- 2:0250元硬幣怎分辨真假? 專家教你分辨真偽民視影音8,939 次觀看・18 小時前
熱門必看
- 13:05雪力神分析INF人!精彩到連唐老師都忘了講星座!?Ep.216-3唐綺陽談星室34,945 次觀看・5 天前
- 14:06到京都別只衝伏見稻荷神社 想變美、求戀愛運來這才內行Yahoo創作摩人25,396 次觀看・6 天前
- 11:30【淚之女婿】突變劇情被罵爆... 原來賢祐就是白血球?眼淚是海仁找回記憶關鍵?七大《女王》解析&主演幕後故事Ki笑人生50,365 次觀看・4 天前
- 8:05拿水沖香奈兒!?90萬小廢包沒人帶?! 2024精品新趨勢 永續環保最時尚!!Sherry袁曼軒6,856 次觀看・1 週前
- 7:40花200萬存0056後悔了?4年定期定額0050與0056投報大公開!SHIN LI24,334 次觀看・6 天前