Top 3 Reasons Markets Got Drop Kicked After Horrible Jobs and Manufacturing Data

Markets closed down on Wall Street: DJI -2.22% SP500 -2.28% Nasdaq -2.33% Gold 0.16% Oil -2.87%.

Markets were in a downtrend all day as trading volume remained low. On the commodities front, Oil (NYSE:USO) dropped over $3 from the high of the day to land back below $100 a barrel. Gold (NYSE:GLD) caught some love on the usual QE3 talk and another downgrade of Greece, while Silver (NYSE:SLV) got crushed nearly 5%.

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Today’s markets were down because:

1) Economic data sucked. First we started with a much weaker than expected ADP Employment report. That was the shot heard ’round Wall Street. Then analysts tripped over each other to lower estimates for tomorrow’s big Non-Farm Payrolls report. After that, the pessimists were rewarded again as ISM Manufacturing missed analyst expectations by a mile. The mantra for the remainder of the day has been “slowdown”.

2) Automakers offered disappointing news. The mantra continued as Ford (NYSE:F), General Motors (NYSE:GM), and Toyota (NYSE:TM) announced poor automobile sales data. But data was brighter for retailers as we noted in our Retailer Roundup.

3) Tech had another big day. Nokia (NYSE:NOK) is getting hit like a bear raid and LinkedIn (NYSE:LNKD) broke technical support as we warned yesterday. On a positive note, Netflix (NASDAQ:NFLX) and Apple (NASDAQ:AAPL) have a lot of positive focus on their businesses during the All Things Digital Conference and next week’s Apple Developer’s Conference. But the stocks are still down in the slaughter.

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Now that you’re in the know, enjoy your evening!