The S&P 500 was modestly lower on Wednesday as traders assessed the state of the global economy following a losing session.
The broader market index traded down 0.3% lower, while the Nasdaq Composite dropped 0.8%. The Dow Jones Industrial Average rose 36 points, or 0.1%, bolstered by an outperformance by health care stocks.
Wednesday’s moves came as traders mulled over the latest ADP private payrolls report, which showed slowing job growth in March. That followed Tuesday’s job openings report that suggested the Federal Reserve’s efforts to cool the labor market might finally be having an effect. In February, the number of available positions fell below 10 million for the first time in nearly two years.
The three major averages retreated on Tuesday, snapping four-day winning streaks for the Dow and S&P 500. Equities rose during the first quarter but remain well below their all-time highs.
“It’s been a rangebound market really overall, and I think that’s where a lot of the frustration comes from for me and for many of us that are investing in the equity market here,” Katie Stockton, founder of Fairlead Strategies, said on “Squawk Box.”
“We’ve had short-term upswings and down swings that have been pretty notable, including the latest upswing. So it definitely has surprised me in terms of the magnitude, but we don’t have the evidence yet that we’re out of the bear market cycle. The good news is we’re closer to that,” Stockton said.
Wednesday’s losses were stemmed by solid gains for a few large stocks. Johnson & Johnson shares rose 3% after the pharmaceutical company said Tuesday it would pay $8.9 billion over the next 25 years to settle claims that its talc products caused cancer. FedEx climbed more than 2% after announcing a reorganization and dividend hike.
U.S. Treasury yields fell on Wednesday, but the potential for further rate hikes from central banks is contributing to market volatility. New Zealand’s central bank overnight hiked rates by 50 basis points, noting…
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