Stocks on Wall Street mostly slipped Wednesday following the latest signals that the US economy is slowing under the weight of much higher interest rates. The S&P 500 dipped 10.22 points, or 0.2%, to 4,090.38, a day after it broke a four-day winning streak, the AP reports. The Dow Jones Industrial Average rose 80.34, or 0.2%, to 33,482.72, and the Nasdaq composite dropped 129.47, or 1.1%, to 11,996.86. Yields also fell in the bond market following weaker-than-expected reports on the health of US services industries and the job market. They’re the latest signs that the economy is losing momentum following a feverish set of hikes to interest rates by the Federal Reserve meant to get inflation under control.
One report from the Institute for Supply Management said that growth in the US services sector slowed last month by more than economists expected, as the pace of new orders cooled. A separate report suggested private employers added 145,000 jobs in March, down sharply from February's 261,000. Perhaps more importantly for markets, pay raises also weakened for workers, according to the ADP Research Institute. "Our March payroll data is one of several signals that the economy is slowing," said Nela Richardson, chief economist at ADP. "Employers are pulling back from a year of strong hiring and pay growth, after a three-month plateau, is inching down."
ADP’s private payroll report could offer a preview of what Friday’s more comprehensive jobs report from the US government will show. Economists expect it to say employers added 240,000 jobs last month, down from 311,000 in February. On Wall Street, the majority of stocks fell within the S&P 500, but many of the moves were modest. On the winning side was Johnson & Johnson, which rose 4.5% after it proposed to pay nearly $9 billion to cover allegations that its baby powder containing talc caused cancer. It was one of the biggest drivers of the Dow Jones Industrial Average's gain for Wednesday. (More stock market stories.)
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