A combination of data and geopolitical events shaped the pullback of stocks on Thursday. These included ADP data which showed private job creation of 158,000 new jobs for June versus the estimate of 185,000. Meanwhile Weekly Initial Unemployment Insurance Claims rose for the third straight week to 248,000 above estimates of 243,000. Both of these figures point to a possible slowing of the employment numbers. We should see more on Friday before markets open. Both of these numbers seemed to conflict with Fed indications of a continued tightening of interest rates. US Treasuries rose still higher which also tends to mute investor enthusiasm for stocks.
Add in concern over North Korea, another G-20 meeting that is expecting to yield no results on North Korea, a 5.5 percent drop in Tesla, 14.1% decline in L Brands and a 3.7% decline in GE stock and the market had the makings of a pullback.
Here are the Market Breadth Indicator figures from the close on Thu Jul 6 2017.
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Advance Decline Numbers Outlook For July 7 2017
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