NEW YORK (AP) — Wall Street’s big recent rally lost some momentum on Wednesday following a pair of potentially discouraging reports on the economy.
The S&P 500 finished the day virtually unchanged and remained 2.8% below its all-time high. The Dow Jones Industrial Average fell 91 points, or 0.2%, and the Nasdaq composite added 0.3%.
The action was stronger in the bond market, where Treasury yields tumbled following the weaker-than-expected economic updates.
One said that activity contracted for U.S. retailers, finance companies and other businesses in the services industries last month, when economists were expecting to see growth. Businesses told the Institute for Supply Management in its survey that all the uncertainty created by tariffs is making it difficult for them to forecast and plan.
A second report from ADP suggested U.S. employers outside of the government hired far fewer workers last month than economists expected. That could bode ill for Friday’s more comprehensive jobs report coming from the U.S. Labor Department, which is one of Wall Street’s most anticipated data releases each month.