Earlier in the session, traders reacted to the latest ADP employment report for April and economists expected a 20.5 million ADP job loss. In fact, the number 'beat' with 20.236 million. For context, the largest monthly job loss during the great financial crisis was just 834,700! Large- and mid-sized companies saw the biggest job-losses.
Moreover, President Trump said Tuesday Americans should begin returning to their everyday lives even if it leads to more sickness and death.
US stocks rose today again but it seems like the bullish momentum is waning and indices cant sustain higher highs.
Oil plunged today as some traders took profits from the recent massive rally, which brought the WTI benchmark to the 25 USD handle. It was down 7-8% at the time of writing.