The Dow closed down 323.73 points, disappointing private employment numbers.

The Dow Jones Industrial Average closed more than 300 points overnight (Aug 4) after the United States reported disappointing private payrolls in July. The market was also pressured by lower-than-expected earnings from General Motors (GM), the largest US automaker.

The Dow Jones Industrial Average closed at 34,792.67, down 323.73, or -0.92%. The S&P500 closed at 4,402.66, down 20.49, or -0.46%. The Nasdaq closed at 14,780.53, up 19.24, or +0.13%.

Automatic Data Processing, Inc. (ADP) and Moody’s Analytics said private sector jobs in the United States rose just 330,000 in July. which is the lowest level since Feb. And below analysts’ estimates of 653,000 jobs, private sector jobs in July were affected by the coronavirus pandemic. Delta species

Robert W Baird & Co analyst Robert W Baird & Co said private sector employment grew much lower than expected. This left investors disappointed and worried about the economic outlook. Especially at a time when the United States is facing an epidemic of the delta virus. Meanwhile, investors turned their attention to the weekly US jobless claims numbers, which will be released today. And the number of non-farm payrolls in July, which is scheduled to be released tomorrow.

Nine of the 11 stocks calculated in the S&P500 fell, led by energy stocks tumbling 2.93 percent after WTI crude fell from $70 overnight. Halliburton fell 5.74 percent, ConocoPhillips was down 3.02 percent, Exxon Mobil was down 2.34 percent and Chevron was down 2.24 percent.

Investors sell cyclical stocks, stocks that are expected to benefit from the economic recovery. Such stocks include bank stocks. JPMorgan was down 1.06 percent, Bank of America was down 0.74%, Goldman Sachs was 0.69 percent, Boeing was down 1.08 percent, and Caterpillar was down. Down 1.87 percent, 3M shares were down 1.74 percent, and Honeywell was down 1.32 percent.