Investors were met with a slight improvement in U.S. stocks on Wednesday, albeit at a slower pace than anticipated. The national employment report by ADP indicated that job growth in September was below the expectations set by Wall Street. However, despite this setback, the Dow Jones Industrial Average (DJIA) managed to increase by 0.2% immediately after the opening bell. The S&P 500 (SPX) also showed a positive gain of 0.2%, while the Nasdaq Composite (COMP) outperformed with a 0.3% increase, according to FactSet data.
Weaker Jobs Growth Than Forecasted
ADP's estimation of last month's private-sector job additions revealed that the U.S. only added 89,000 jobs. This number fell short of economists' predictions of 150,000 jobs, as per the Wall Street Journal's poll. It should be noted that the ADP report is not considered an entirely accurate indicator for the official jobs figures expected to be released later this week.
Treasury Yields Show Marginal Decrease
Affected by the ADP report, Treasury yields experienced a slight dip on Wednesday morning. As investors analyzed the job data, ten-year Treasury yields traded down approximately five basis points, now hovering around 4.75%, according to FactSet data.
Stay tuned for further updates on the market situation.
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