Following the release of significantly weaker-than-expected jobs data, Treasury rates declined from multiyear highs, which led to a small increase in the S&P 500 on Wednesday.
The Dow Jones Industrial Average increased 72 points, or 0.2%, while the broader market index rose 0.2%. Nasdaq Composite increased by 0.4%.
As of Wednesday, ADP Last month, 89,000 new private payrolls were added. That is significantly less than the upwardly revised 180,000 payroll additions from August and the Dow Jones prediction of 160,000.
In response to the report, Treasury yields decreased from their 2007 highs. After crossing the 4.8% threshold on Tuesday, the 10-year Treasury yield decreased to 4.745%.
The report follows a dismal session on Wall Street following job openings data that showed the labour market is still strong and a rise in bond yields. The Dow experienced a 1.3% loss, marking its lowest performance since March. The S&P 500 dropped 1.4% and briefly touched its lowest point since June. The Nasdaq Composite closed down 1.9%.
Due to those losses, the Dow is currently down 0.3% for the year. The S&P 500 is up more than 10% and the Nasdaq is up 25% for 2023, respectively.
Source (CNBC)
