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The culprit behind the April Fools' selloff

Cashin says: Unidentified trade takes S&P down to 2,033

Stocks slumped, bond yields fell and the dollar waffled after weaker U.S. jobs and manufacturing reports fanned jitters that economic growth is even more sluggish than feared.

Some economists already peg first quarter growth at less than 1 percent, but the weaker-than-expected ADP private sector jobs report suggests that the economic malaise may now have spread to labor. Jobs had been one part of the economy that was insulated from the economic weakness, blamed on the harsh winter weather and strengthening dollar.

Read MoreJob growth takes step backward in March

"The data's bad. Earnings growth is deteriorating and how many times are we going to keep buying stocks because the Fed may not raise rates," said Peter Boockvar, chief market analyst at the Lindsey Group.