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Despite this optimism, Trump remained firm in his stance, saying during a congressional address that some economic disruption from tariffs was acceptable. Markets remained volatile as investors weighed the likelihood of an actual policy shift.
Weak Job Growth Raises Economic Concerns
The market turned lower after ADP’s private payrolls report showed a significant slowdown in hiring. Private employers added just 77,000 jobs in February, far below economists’ expectations of 148,000 and the prior month’s revised 186,000 figure. The weak data reinforced fears of slowing economic growth, adding to concerns that tariffs could further pressure business activity.
Annual wage growth remained steady at 4.7%, suggesting inflationary pressures persist despite weaker hiring. The Nasdaq traded near correction territory, reflecting broader uncertainty about economic resilience.
Sector Performance and Key Earnings Misses
Industrials led the market with a 0.96% gain, followed by materials, which climbed 2.01%. However, energy stocks lagged, falling 1.4% as oil prices retreated. The broader S&P 500 was flat, with strength in consumer discretionary and healthcare offset by losses in utilities and energy.
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