- The S&P 500 is down 0.20% today.
- The ADP employment report reported an increase of 99,000, disappointing market expectations.
- Weekly jobless claims came in at 227,000, below the consensus estimate of 230,000.
- The ISM Services PMI rose to 51.5 points in August, up from 51.4 recorded in July.
The S&P 500 set a session high at 5,543, attracting aggressive sellers who drove the index to a daily low at 5,478. At the time of writing, the S&P 500 is trading at 5,505, losing 0.20% on the day.
S&P 500 trades lower on disappointing ADP jobs report
According to data provided by Automatic Data Processing (ADP), the number of jobs in the US private sector increased by 99,000 in August, below the 145,000 new jobs expected by the market and the 111,000 registered in July.
In contrast, the ISM Services PMI rose to 51.5 points in August, above the 51.1 point estimate and the 51.4 points previously reached in July.
On the other hand, weekly applications for unemployment benefits stood at 227,000 in the week ending August 30, below the 230,000 expected by the consensus of analysts and the 232,000 registered in the week ending August 23.
Levels to consider in the S&P 500
The S&P 500 established resistance at 5,654, given by the pivot point of September 2. The first support is seen at 5,293, given by the low of August 9 which confluences with the 50% Fibonacci retracement. The next key support is at 5,090, the low of August 5.
S&P 500 daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
