S&P 500 and NASDAQ are negative today after news pointed to further economic weakness:

  • The monthly Job Openings and Labour Turnover Survey (JOLTS) showed that US employers reported 9.93 million job openings in the month of February (below market expectation of 10.5 million).
  • Private companies added 145,000 jobs in March (below market forecast of 210,000).
  • The Institute for Supply Management’s services activity index fell to 51.2 ( lower than the consensus estimates of 54.4). New orders dropped from 62.6 to 52.2 in March, while prices receded from 65.6 to 59.5.

Markets are nervous about the possibility the economy will enter into recession.

The US non-farm payroll that will be released this Friday, we believe will  offer better indication about a possible recession in US economy and will significantly influence the trading for the following sessions.

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