The Nasdaq 100 (QQQ), the S&P 500 (SPY), and the Dow Jones Industrial Average (DIA) finished today’s trading session in the green as investors awaited President Trump’s “Liberation Day” at 4 PM EST. This is when Trump is expected to reveal his tariff plan. Interestingly, though, the indices suggest that investors are still cautious due to the significantly below-average volume across all three ETFs. Separately, U.S. private sector job growth picked up in March.
Indeed, 155,000 new positions were added, which beat expectations of 120,000 and nearly doubled February’s 84,000, according to the ADP National Employment Report. At the same time, wage growth cooled slightly, with annual pay rising by 4.6% year-over-year, down from 4.7% in February. Interestingly, job changers saw a 6.5% increase. Hiring was strongest in professional and business services (+57K) and financial activities (+38K), while natural resources and trade-related sectors lost jobs. Regionally, the Northeast led job growth with 89,000 added.
Meanwhile, U.S. factory orders rose by 0.6% in February to $594 billion, just above the 0.5% forecast but slower than January’s revised 1.8% gain. Shipments increased by 0.7% to continue a four-month growth streak. When excluding transportation, factory orders were up 0.4%. Furthermore, unfilled orders, which give an idea about future production, edged up 0.1% after slipping 0.2% the month before.
Together, the data suggests that the economy remains resilient, with improving employment and manufacturing momentum, even as wage growth and order gains show signs of moderating.