Disappointing economic data in the labor market sent equities lower today as the private sector added 135,000 jobs in May according to the ADP National Employment Report. The results were fell short of expectations of 165,000, and were only slightly higher than April's revised numbers.
The Institute for Supply Management Services report was also out today, and the index rose to 53.7 in May. Economists were expecting a slightly smaller gain to 53.5.
Also on the economic front, the Commerce Department is reporting a 1% rise in factory orders in April, missing economists' expectations for a gain of 1.5%.
Shares of Hovnanian (NYSE:HOV) are sharply higher today after the home builder topped earnings expectations, thanks to the recovery of the housing market.
Tomorrow, we'll take a look at the numbers for weekly jobless claims as well as earnings from JM Smucker (SJM).
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