Good morning contrarians! Happy Jobs Day.
Stocks retreated again yesterday, with the Nasdaq giving up 1.5% and S&P 500 dropping 1%. ADP payrolls came in much better-than-anticipated, which may have had a role in spooking markets. We’ll find out at 0830 if the non-farm payrolls provide more of the same. The two data figures don’t normally track each other much, at least historically — in fact they don’t appear to have any correlation at all.