Stocks Are At Record-Highs After Rash Of Economic Data
The Dow is up 8 points (0.05%), the S&P 500 is up 3 points (0.2%), and the Nasdaq is up 15 points (0.4%).
At 1,927, the S&P 500 is above Monday's record-high close of 1,924.97.
This morning, ADP's May private payrolls report showed companies added 179,000 jobs in the month, short of the 220,000 analysts had been expecting. Moody's Analytics' Mark Zandi said the report indicates that, "The job market has yet to break out from the pace of growth that has prevailed over the last three years."
The U.S. trade deficit also widened 6.9% in April to $47.2 billion. Pantheon Macro's Ian Shepherdson said the report suggests trade should be a small drag on GDP in the second quarter.
ISM's May non-manufacturing reading climbed to 56.3 from April 55.2 reading. Expectations were for a reading of 55.5. As of yet, there have been no revisions to the number.
Markit's May U.S. services PMI climbed to 58.1 from 55.0 the prior month.
The Federal Reserve is also expected to release its latest Beige Book report on economic activity at 2 pm ET.
Some major equity movers include:
- NQ Mobile (NQ), up 26% after announcing that an investigation by a special committee of its board, "did not find any evidence that the Company had engaged in the fraudulent conduct alleged by Muddy Waters."
- TIBCO Software (TIBX) is down 7.5% after last night saying its second quarter profit and revenue will come in below estimates.
- FuelCell (FCEL) is down 9% after its earnings last night showed revenue declined about $4 million year-over-year.