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NEWS
Bulls Follow Through Amid Jobs Miss

It was another wild day in the market, with tariffs, economic news, and earnings ruling the day. Big tech battled back and helped spark a broad-based bounce (besides energy). Meanwhile, the U.S. dollar has experienced its largest three-day decline of recent history as investors fear the worst for the U.S. economy. 👀

Today's issue covers the big ADP payroll miss, updates on Trump’s tariffs, two big developments in healthcare, and other noteworthy pops & drops. 📰

Here’s the S&P 500 heatmap. 9 of 11 sectors closed green, with materials (+2.61%) leading and energy (-1.46%) lagging.

And here are the closing prices: 

ECONOMY
The ADP Payroll Report’s Major Miss 📊 

Investors are already worried about the economy because of slow growth estimates, Trump’s tariffs weighing on business decisions, and many other factors. However, today’s job numbers have brought the labor market back to the forefront.

Private sector job creation in February was just 77,000, down from January’s upwardly revised 186,000 and estimates of 148,000. That’s the smallest increase since July and adds to data from other metrics showing the labor market’s slow but steady cooling. 🧊 

Worries about the labor market are keeping stock investors on their toes, cutting their losers or any company that gives them a reason to worry. After the bell, several stocks saw major moves lower following their earnings reports. 👇️ 

Marvell Technology fell 13% after earnings and revenue topped estimates, but management issued a cautious outlook given the uncertain environment. Read more.

MongoDB dipped 16% after topping estimates but warned that its non-Atlas business would face growth headwinds in the fiscal year 2026. Read more.

Grindr slid despite beating estimates, as investors focused on the slowdown in revenue growth instead of profitability progress. Read more.

Zscaler was one standout, rising 5% after its earnings and revenue topped estimates, with ARR exceeding $2.7 billion. Read more.

Investors will get more context on the labor market’s health tomorrow and Friday. Any material slowdown will likely be interpreted as fears of a recession hurting stocks and risk assets further. Time will tell. 😬 

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