Is the market so edgy that a negative ADP report sent it tumbling? Or is there more than meets the eye?
U.S. stocks tumbled on Wednesday in their worst decline in about a month. The move comes after ADP, a private employment service, said employers shed 693,000 jobs in December, far more than economists estimated.
That news comes only two days ahead of the key U.S. nonfarm payrolls report for December.
"When reality hits it can shock people," says Tim Ghriskey, chief investment officer of Solaris Asset Management. In other words he thinks the markets began to worry that lost jobs will translate into even bigger problems for the economy.
But Pete Najarian thinks there’s more than meets the eye here.
On CNBC's Closing Bell Najarian says it was commodities driving the market higher over the past few days. And energy shares slid Wednesday after inventory data showed U.S. crude oil and refined product supplies rose more than expected last week. In fact, at one point crude futures slumped as much as 12 percent to below $43 a barrel.
“When we started to watch oil pull back the rest of the commodity stocks followed along and the market started to plummet,” explains Najarian.
Najarian adds, this is a traders market. If you want to play, you have to be nimble.
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CNBC.com with wires