Stocks Closed Lower Yesterday, All Eyes On This Morning's Employment Report

Plus 5 Just-Added Strong Buys Stocks Closed Lower Yesterday, All Eyes On This Morning's Employment Report [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Closed Lower Yesterday, All Eyes On This Morning's Employment Report [Stocks Closed Lower Yesterday, All Eyes On This Morning's Employment Report]Image: Bigstock Stocks closed lower yesterday with all of the indexes in the red. Stocks were already under pressure in pre-market trading. Then the blowout ADP Employment report came out with a huge beat of 497,000 private payroll jobs vs. the consensus for 235,000, and stocks fell even more. The surprisingly high jobs number (more than double what was expected), shows that the Fed's rate hikes haven't done that much to slow the economy after all. And that's further leading people to believe the Fed will raise by another 25 basis points later this month. And it increases the chance for another 25 bps when they meet again in September. Getting back to the ADP report, it should be noted that it has a poor track record of predicting what the Bureau of Labor Statistics (BLS) will say in their official Employment Situation report. So the blowout beat may or may not be reflected in this morning's BLS numbers. Nonetheless, sometimes ADP gets it right. We shall see. The BLS consensus is calling for 213,000 new jobs being created in June (199,000 from the private sector and 14,000 from the public), with the unemployment rate falling from 3.7% to 3.6%. There were three other jobs reports out yesterday. Weekly Jobless Claims rose 12,000 to 248,000 vs. last month's 236K and the consensus for 245K. The Challenger Job-Cut report came in at 40,709, down from last month's 80,089. And the Job Openings and Labor Turnover Survey report (or JOLTS for short), slipped to 9.824 million vs. last month's 10.320M and views for 9.9M. In addition to the jobs reports, we also got the PMI Composite report. That came in at 53.2, up from last month's 53.0 and views for the same. The Services Index came in at 54.4, above the consensus for 54.1, but below last month's 54.9. And the ISM Services Index increased to 53.9 vs. last month’s 50.3 and estimates for 50.8. But all eyes will be on this morning's Employment Situation report. That comes out at 8:30 AM ET. Could be a busy day. Best, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research [Alert: Buy These Ultimate Four Stocks Now]( There's still time to get in early. These aren't just 4 promising stocks. They were handpicked from hundreds of strong companies by Zacks' experts because they present the greatest upside for Q3: Stock #1: Look out NVIDIA, this chip rival is adding major partners and customers. Stock #2: Flush with a billion in cash, footwear company soared almost +1000% over the last 10 years and just launched a billion-dollar stock repurchase program. 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