- Based on information from Automatic Data Processing (ADP), 152,000 private jobs were created in May, the figure is the lowest in four months.
- Investors will focus on the Non-Farm Payrolls that will be published on June 7, a positive result could take the S&P 500 to all-time highs.
The S&P 500 started the European session by setting a daily low at 5,292, finding buyers that took the index to the session high at 5,314. At the time of writing, the S&P 500 is trading at 5,300, gaining 0.20% on the day.
The ADP Employment Report disappoints, registering the lowest result in four months
ADP reports the creation of 152,000 jobs in May, well below the 173,000 expected by the market. This figure represents the lowest in four months. Nela Richardson, chief economist at ADP, noted that wage growth is slowing heading into the second half of the year.
The ISM (Institute for Supply Management) services PMI stood at 53.8 from 49.4 in April, its highest level in nine months and exceeding market expectations for an increase to 50.8.
Investors will focus their attention on Nonfarm Payrolls due to be released on June 7, as the change in the number of employees is closely linked to the overall performance of the economy.
Technical levels in the S&P 500
The bullish outlook remains on the S&P 500, we observe the closest support at 5,255, in confluence with the 23.6% Fibonacci retracement. The next support is located at 5,150, which converges with the 50% Fibonacci retracement. The nearest resistance is at 5,347, a high reached on May 23.
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.
