Weak employment data, GDP growth revised downward😿
Like many times in the past year, 'bad news is good news' once again for stocks as weaker ADP and a downward GDP revision was seen as a positive for equities, helping the S&P 500 notch a 4th consecutive day of gains. US ADP registered a gain of 177k vs 195k expected, though the previous month was revised upward from 324k to 371k. On the GDP side, Q2 growth was revised down to 2.1% from 2.4%, despite upward bumps in consumption and services spending. Larger downward revisions in business fixed investment, non-residential spending, and the pricing components were responsible for the downdraft.
