Stock Market Update

According to ADP, private sector employment increased by just 77,000 jobs in February (Briefing.com consensus 145,000) -- the smallest increase since July -- with small businesses losing 12,000 jobs. Separately, year-over-year pay gains for job changers slowed from 6.8% to 6.7% while pay gains for job-stayers remained flat at 4.7%

The key takeaway from the report is that it reflects a slowdown in hiring activity, which will be construed as a sign of U.S. growth losing some steam.

Equity futures moved slightly lower after the release. The S&P 500 futures are down five points and are trading 0.1% below fair value, the Nasdaq 100 futures are up 32 points and are trading 0.1% above fair value, and the Dow Jones Industrial Average futures are down 21 points and are trading 0.1% below fair value.