Stocks end mixed as ADP jobs data falls short, GM shares tank

ADP employment report showed private-sector hiring slowed sharply in July

U.S. stock indexes ended mixed Wednesday as traders assessed a disappointing report on private-sector hiring and another barrage of earnings reports. 

The Dow Jones Industrial Average fell 323 points, or 0.92%, while the S&P 500 lost 0.46% and the Nasdaq Composite index rose 0.13%. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34798 +33.18 +0.10%
SP500 S&P 500 4455.48 +6.50 +0.15%
I:COMP NASDAQ COMPOSITE INDEX 15047.699032 -4.54 -0.03%

The July ADP employment report showed private-sector hiring slowed sharply last month amid a rise in COVID-19 infections. U.S. firms added 330,000 new workers in July, down from 680,000 in June. The Labor Department will release the July nonfarm payrolls report on Friday. 

In stocks, Robinhood Markets Inc. remained in focus a day after soaring past its $38 initial public offering price. 

Ticker Security Last Change Change %
HOOD ROBINHOOD MARKETS, INC. 44.91 -1.03 -2.24%
VSCO VICTORIA'S SECRET & CO. 60.25 -1.72 -2.78%

Victoria’s Secret & Co. shares were also under close scrutiny after splitting from L Brands on Tuesday and soaring 27% in their stock market debut.  

In earnings, CVS Health Corp. beat on both the top and bottom lines and raised its full-year earnings forecast amid signs consumer shopping patterns and use of health care benefits are normalizing. 

Ticker Security Last Change Change %
CVS CVS HEALTH CORP. 84.71 -0.15 -0.18%

General Motors Co. swung to a quarterly profit and raised its full-year forecast as it continued to prioritize high-margin vehicles amid the global chip shortage. Strong demand for used cars continued to drive record results for GM Financial. The news wasn't all good as the automaker announced it was suspending production at three plants due to the chip shortage.  Separately, organizers of the New York Auto Show announced the annual event will be canceled due to a rise in COVID cases.

NY AUTO SHOW A NO GO

Ticker Security Last Change Change %
GM GENERAL MOTORS CO. 52.23 +0.31 +0.60%

Lyft Inc. reported revenue surged 125% from a year ago as ridership continued to rebound from pandemic levels. The ride-hailing company said it had 17.14 million riders last quarter, down from 21.2 million in the first quarter of 2020. 

Ticker Security Last Change Change %
LYFT LYFT, INC. 55.86 +0.22 +0.40%

Meanwhile, Activision Blizzard Inc. topped Wall Street estimates and announced the departure of two executives as it looks to improve its culture in the wake of a gender-bias lawsuit.

Ticker Security Last Change Change %
ATVI ACTIVISION BLIZZARD, INC. 75.26 +0.59 +0.79%

In commodities, West Texas Intermediate crude oil fell $2.415 to $68.19 a barrel and gold ticked up 40 cents to $1,810.50 an ounce. 

Overseas markets were mostly higher. 

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European bourses rallied across the board with Germany’s DAX 30 up 0.88%, France’s CAC 40 gaining 0.33% and Britain’s FTSE 100 rising 0.26%. 

In Asia, Hong Kong’s Hang Seng index and China’s Shanghai Composite advanced 0.88% and 0.85%, respectively, while Japan’s Nikkei 225 lost 0.21%.