U.S. stocks end mixed after disappointing jobs data

Xinhua
05 Aug 2021, 12:30 GMT+10

NEW YORK, Aug. 4 (Xinhua) -- U.S. stocks finished mixed on Wednesday as data on the nation's private-sector payrolls came in weaker than expected.

The Dow Jones Industrial Average slid 323.73 points, or 0.92 percent, to 34,792.67. The S&P 500 decreased 20.49 points, or 0.46 percent, to 4,402.66. The Nasdaq Composite Index increased 19.24 points, or 0.13 percent, to 14,780.53.

Nine of the 11 primary S&P 500 sectors ended in red, with energy down 2.93 percent, leading the laggards. Communication services and technology eked out modest gains.

U.S.-listed Chinese companies traded mostly higher with six the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.

Private companies in the United States added 330,000 jobs in July, payroll data company Automatic Data Processing (ADP) reported Wednesday. Economists surveyed by The Wall Street Journal had forecast a rise of 653,000.

"July payroll data reports a marked slowdown from the second quarter pace in jobs growth," said Nela Richardson, chief economist at ADP.

"Bottlenecks in hiring continue to hold back stronger gains, particularly in light of new COVID-19 concerns tied to viral variants," Richardson noted.

The ADP report came two days before the crucial monthly employment report to be released by the Department of Labor's Bureau of Labor Statistics, which will include employment data from both the private sector and the government.

Elsewhere, the Institute for Supply Management's (ISM) said U.S. services purchasing managers' index (PMI) registered 64.1 percent in July, up from the June reading of 60.1 percent.

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