3/3/15 Market Recap:
With relatively little headline news or major earnings to substantially drive the markets in either direction, the markets yesterday pulled back as investors took some profits and the major averages hovered at or around record highs. The S&P and Dow both fell just a hair under half a percent while the Russell lagged the four major averages, dropping by .63%. The Nasdaq, which a day earlier closed above the psychologically key 5,000 mark, pulled back by .56% to close 21 points below that 5k mark. Treasury bond prices also declined, falling for the second straight day, as prices were pressured by new corporate issues from companies like Actavis and Exxon Mobil. The Ten year yield currently stands at 2.12%.
Equity futures are in the red slightly as investors await a few key pieces of economic data. The ADP jobs report in particular, which shows the number of private sector jobs added to the economy, will be important for investors as it serves as an appetizer to the jobs report that will come on Friday. Tracking the employment situation is key because it can give clues as to the timing and scope of an interest rate hike by the Fed. Other important news investors should look out for today include non-manufacturing PMI and petroleum inventory data.