Stocks are red across the board in trading, with the Dow falling up to 130 points.
Earlier, we got the ADP employment report which missed estimates at 212,000, versus 219,000 expected.
In an afternoon email, the NYSE’s Rich Barry said investors are paying attention to three things:
- Traders are taking some profits off the table as stocks looked a little stretched out and tired after a spectacular month of February.
- Crude oil’s sharp reversal to the downside following this morning’s inventory data release shook stocks up a little.
- Traders showing a little concern that the Fed might move to raise rates sooner rather than later as jobs data continues to point to stabilisation.
And all this is ahead of the big jobs report on Friday.
So there you go.