The latest jobs data indicates a concerning trend in the private sector, with a loss of 33,000 jobs reported by ADP, while economists expected an addition of 10,000 jobs. This decline is unexpected, as private payrolls have not decreased since 2023, heightening concerns regarding the economy's performance ahead of the upcoming jobs report. Amid mixed market reactions, the Nasdaq Composite has gained a slight positive edge while major stock averages generally experienced declines. In the tech sector, companies like Nvidia and Microsoft continue to compete for top market value, despite Microsoft planning a workforce reduction.
The private sector shed a whopping 33,000 jobs last month, according to ADP data, while economists had been calling for the economy to add 10,000 jobs.
Private payrolls haven't shrunk since 2023, injecting greater uncertainty around the big jobs report due out tomorrow in this holiday-shortened week.
Despite market pressure, the Nasdaq Composite has turned positive, while the S&P 500 isn't too far behind.
Big Tech stocks are making headlines even as Nvidia and Microsoft continue to jockey for position as the No. 1 most valuable company in the world.
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