ADP employment data for June revealed a surprising loss of 33,000 jobs among private employers, marking the first decline since March 2023. Economists had anticipated an increase of 100,000 jobs, indicating a potential economic slowdown. A report by the U.S. Bureau of Labor Statistics is expected to confirm or contest these findings. In related news, Constellation Brands reported lower than expected earnings, yet offered optimistic future guidance. Adobe faced a downgrade due to concerns over its competitive position amid rising generative AI disruptions.
ADP reported a decline of 33,000 jobs in June, the first net loss since March 2023, contrasting with economists' expectations of job growth by 100,000.
Constellation Brands reported earnings of $3.22 per share, $0.07 below expectations, but provided stronger guidance for the upcoming fiscal year.
Redburn-Atlantic downgraded Adobe's shares to sell, indicating that the company’s competitive advantage is diminishing due to generative AI and increasing low-end disruption.
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