Stock Market Jittery Over Europe, Jobs
Stocks are trading lower today on the back of a poor ADP Private Sector Jobs Report and continued problems in Europe. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $139.96, -0.78 (-0.55%). Yesterdays ISM Manufacturing Report rallied the markets on hopes that jobs would show a better than expected increase. However, that did not occur and stocks have erased all of the gains from yesterday.
Financial stocks are leading the decline with JPMorgan Chase & Co. (NYSE:JPM) trading at $43.03, -0.76 (-1.74%). Technology stocks like Apple Inc. (NASDAQ:AAPL) and Amazon.com, Inc. (NASDAQ:AMZN) are trading higher, helping keep the market losses in check.
The markets are likely to remain neutral to weak until the Non Farm Payrolls Report on Friday. The ADP report definitely put a stop to the recent market advance. In addition, it must be noted that the markets have not taken out the yearly highs. As long as the markets remain below this level on the S&P 500, caution should be used.