๐ง ADP jobs miss (98K vs 110K expected) drags WMT & CAT lower to open Q3
June private payrolls came in at just 98,000 โ below the 110,000 forecast and down sharply from 122,000 in May โ flagging a cooling labor market right as Q3 kicks off. Walmart (-5%) and Caterpillar (-5%) are the biggest Dow drags today after Cleveland Research warned WMT comparable sales appear to be slowing. Nasdaq is off ~0.7% while the Russell 2000 small-caps are bucking the trend with a +0.5% gain. Is the soft landing starting to crack, or just a bumpy start to the quarter? Not financial advice.
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