The Closing Look
Stocks fell on Wednesday as investors digested a slew of economic and earnings data. Before the open, ADP said private employers added 156k new jobs in April, missing estimates for 193k. That was the weakest print since 142k in Feb 2014. After the open, the PMI services index came in at 52.8, just higher than the Street’s estimate for 52.The ISM Non-Manufacturing PMI for April came in at 55.70 vs 54.70 Est. The prior reading was 54.50. Separately, Factor Orders grew by 1.1%, beating estimates for a gain of 0.6%. Earnings roulette continued after Priceline (PCLN) gapped down over $100 after reporting numbers while shares of Zillow (Z) and Nutrisystem (NTRI) gapped up after reporting earnings.
Gary’s Thoughts: The good news…markets are oversold enough with the S&P right off the 50 day that a bounce is certainly due. After that?
Gary We don’t need a rehash on numbers With your valuable time and limited writing we need to know what to do Thank you God bless