Daily Market Wrap: May 2, 2012 Wednesday, May 2, 5:07 PM ET
A very disappointing ADP employment report sent stocks lower today, just one day after the Dow hit its highest level in four years.
Just 119,000 private sector jobs were added last month, according to the ADP report. That number fell short of expectations for a gain of 170,000 jobs.
At the end of the week, we'll be watching for the monthly government jobs report in which analysts are expecting a gain of 163,000 jobs in April.
Also in economic news, the Commerce Department is reporting a 1.5 percent drop in factory orders in March, due to slowing demand for aircraft. This is the biggest drop in 3 years.
On the earnings front, Chesapeake Energy (NYSE:
CHK) missed earnings expectations yesterday, sending its stock price lower by 12 percent after the opening bell today.
Shares of Mastercard are trading lower today, despite the company posting an earnings beat, thanks to consumer spending.
Tomorrow, we'll take a look at the numbers for results for chain store sales as well earnings from Kraft(
KFT) and GM(NYSE: GM).
For Marketnewsvideo.com, I'm Sayoko Murase.
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Daily Market Wrap: May 2, 2012
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