U.S. stocks open lower as Treasury yields jump after stronger-than-expected ADP jobs data

U.S. stocks opened lower Thursday after an ADP report showed the private sector added far more jobs in June than expected. The Dow Jones Industrial Average DJIA, -1.02% was down 0.6% soon after the opening bell, while the S&P 500 SPX, -1.02% fell 0.8% and the Nasdaq Composite COMP, -1.14% dropped 1%, according to FactSet data, at last check. Payroll-services company ADP said Thursday that the U.S. private sector added 497,000 jobs in June.

The Federal Reserve has been trying to cool the economy to bring down high inflation by tightening its monetary policy since early 2022, with many investors expecting the Fed will hike interest rates again in July after pausing in June. The yield on the two-year Treasury note was up 11 points Thursday morning at around 5.05%, while 10-year Treasury rates climbed about 10 basis points to around 4.03%, according to FactSet data, at last check.

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Private sector companies added 497,000 jobs in June, more than double expectations, ADP saysThe U.S. labor market showed no signs of letting up in June, as companies created far more jobs than expected.
Source: CNBC - 🏆 12. / 72 Read more »