Weakness Continues into Tomorrow’s Jobs Number

July 6, 2017 2:56PM CDT

With just under a half hour to go until today’s closing bell, the S&P 500 finds itself down 20.00 (.82%) at 2412.00. We kicked off with a fairly weak ADP Employment Report that showed private payrolls rising only 158,000 vs. the expected 180,000. The market was able to rebound following the selloff, but traders sold into the recovery and brought the market to new lows for the day. Tomorrow’s payroll number is looking for approximately 170,000, which would be a nice improvement from the 138,000 we saw in June. The unemployment rate is expected to remain the same at 4.3%. Also weighing on the market are concerns about escalated tensions with North Korea. While this isn’t the first time that has come up, it seems to be in the news with increasing frequency, and some national security experts seem to think war barring some preemptive actions. We’ll continue to keep a close eye on that, but we’ll also be paying attention to news out of Warsaw where the G20 Summit begins tomorrow.  

 

Sep '17 Emini S&P Daily Chart

Sep '17 Emini S&P Daily Chart

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