Dow, Nasdaq Futures Down Triple Digits After ADP Jobs Data

Private sector jobs surged 497,000 in June

Deputy Editor
Jul 6, 2023 at 9:04 AM
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Futures on the Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) are triple digits below fair value this morning, with S&P 500 Index (SPX) futures also firmly in the red. Treasury yields are at four-month peaks, with the 10-year Treasury yield climbing above 4% after ADP jobs data showed private sector jobs leapt 497,000 in June, compared to analysts' expectations of a 222,000 increase.

This has prompted jittery investors to speculate that the Federal Reserve will resume interest rate hikes both this month and beyond. Elsewhere, jobless claims for last week came in at 248,000, while the U.S. trade deficit narrowed in May. 

Continue reading for more on today's market, including: 

Futures July6

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 601,316 million put contacts exchanged on Wednesday. The single-session equity put/call ratio fell to 0.52 and the 21-day moving average stayed at 0.67.
  2. Shares of Sweetgreen Inc (NASDAQ:SG) are up 5.7% premarket, after an upgrade from BofA Global Research to "buy" from "neutral," with a price-target hike to $17 from $9. The firm cited the health food stock's low valuation despite beverage trends. Year-to-date, the equity is up 52.2%. 
  3. Facebook parent Meta Platforms Inc (NASDAQ:META) is up 1.1% in electronic trading, after the company launched Threads, its rival to Twitter (TWTR). The platform logged 5 million users in its first hours. Looking to extend last session's 52-week high, META is up 144.6% since the start of 2023. 
  4. Citigroup initiated coverage on Plug Power Inc (NASDAQ:PLUG) with a "buy" rating and $13 target price, saying the company could become one of the world's largest hydrogen suppliers. Up 0.2% ahead of the open, PLUG is down 14% year-to-date. 
  5. ISM services PMI is due out today.


Stocks Dinged in Asia, Europe Too

Asian markets were lower on Thursday, as investors reacted to the Fed minutes and monitored Treasury Secretary Janet Yellen’s visit to Beijing to meet with senior officials. Hong Kong’s Hang Seng dropped 3% thanks to a rough day from the finance sector, while Japan’s Nikkei shed 1.7%. Meanwhile, South Korea’s Kospi and China’s Shanghai Composite fell 0.9% and 0.5%, respectively.

European markets are swimming in red ink as well, following China’s disappointing service sector activity and the euro zone’s dwindling business output. In other news, fintech company CAB Payments began trading on the London Stock Exchange (LSE). At last check, France’s CAC 40 is 2% lower, while the German DAX and London’s FTSE 100 are both down 1.4%.


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