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Stocks End Lower On Profit Taking And Position Squaring Ahead Of Friday's Jobs Report

	Profit from the Pros By Kevin Matras Executive Vice President
	Stocks End Lower On Profit Taking And Position Squaring Ahead Of Friday's Jobs Report Image: Bigstock Stocks closed lower again yesterday as profit taking from last week's sharp gains weighed on stocks. The S&P and Nasdaq were both up in the early afternoon, before reversing those gains later on. Yesterday's Job Openings and Labor Turnover Survey report (or JOLTS for short), came in at 10.698 million job openings vs. last month's upwardly revised 11.303M and the consensus for 11.0M. We'll get another look at the jobs market on Thursday with Weekly Jobless Claims, and the Challenger Job-Cut Report. And then on Friday, we'll get the Employment Situation report. We'd ordinarily get the ADP Employment report today (it typically comes out on Wednesday, before Friday's Employment Situation report). ADP's report is often looked at as a precursor to the Employment Situation report by the Bureau of Labor Statistics (or BLS). But according to ADP's website, they will 'retool' their 'methodology to provide a more robust' report. Just as well, since the ADP report has a spotty track record of predicting what the BLS report will say. They expect to be ready with their new methodology for next month's report. As for Friday's Employment report, that's expected to show 250,000 new jobs were created last month (220K in the private sector and 30K in the public), while the unemployment rate held steady at 3.6%. This month's report will take on added significance since some have dismissed the weaker GDP numbers last quarter (2nd quarter in a row of negative GDP), as not indicating a recession because of the strong labor market. We've been averaging 375,000 new jobs per month for the last 3 months. While nobody is expecting that this month (again, the consensus is for 250K), a strong showing will be needed to keep that narrative alive. In the meantime, earnings season continues with another 490 companies set to report today (1,389 in total for the rest of the week). Report-wise today, we'll get MBA Mortgage Applications, the PMI Composite report, the ISM Services Index, and the Factory Orders report. See you tomorrow, Kevin Matras Executive Vice President, Zacks Investment Research
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