U.S. stocks closed mostly lower on Wednesday, with the S&P 500 falling from a record high after data signaled a slowdown in jobs growth in July
"The ADP employment report this morning big miss ... has people really locked in on tomorrow's initial claims and then Friday's non-farm payrolls report," said Ross Mayfield, investment strategist at Baird in Louisville, Kentucky. "To me that’s a big driver ."
"Broadly, the continued evolution of COVID-19, the Delta variant over the recent weeks and months kind of re-rating of the growth outlook" has the market coming to terms with what it means for the reflation trade, and what it means to the bond market, Mayfield said.
A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. REUTERS/Carlo Allegri Federal Reserve Vice Chair Richard Clarida said on Wednesday the central bank should be in the position to begin raising interest rates in 2023.
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