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.