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Before the start of trading, ADP released a report showing that private sector employment fell by 693,000 jobs in December compared to economist estimates of a decrease of about 450,000 jobs. The data added to recent concerns about the strength of the labor market.
After seeing some strength on Tuesday, oil service stocks are helping to lead the way lower amid a notable decrease by the price of oil. Real estate, semiconductor, and housing stocks have also come under considerable pressure in early trading.
In the past few minutes, the major averages have edged up off their lows for the young session, although they remain sharply lower. The Dow is currently down 148.70 at 8,866.40, the Nasdaq is down 33.59 at 1,618.79 and the S&P 500 is down 16.91 at 917.79.
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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