ADP Misses By 30,000, Look for Lower Open

The great Tuesday winnings streak finally came to an end yesterday. Note that it was only a winning streak for the Dow, not for the S&P 500. Despite how much news the winning streak got, it’s really not important for investors.

What is important for us is to see the fundamentals of the market improve which means corporate earnings. This Friday will be the big jobs report. Each month’s jobs report is by far the biggest economic report. On the Wednesday before each jobs report, ADP, which is a private payroll firm, releases its estimate. This morning, ADP said that the economy created 135,000 jobs in May which was less than what economists were expecting. The consensus was for a gain of 165,000. The stock market looks to pull back in early trading today.

I was impressed to see that Ford ($F) reported 45% sales growth in China. This is good news, but Ford is still way behind its rivals in China.

Posted by on June 5th, 2013 at 9:29 am


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