Treasuries Gain Slightly After ADP Report. Stocks Barely Budge.

Core Viewpoint - Major market assets showed a moderate reaction to new data indicating a decline in private sector employment, particularly in small businesses in the Northeast U.S. [1] Employment Data - ADP reported a decrease in hiring for November by 32,000 jobs, primarily affecting small businesses [1] - The decline in employment is attributed to factors such as tariffs and increased operational costs that small companies struggle to absorb [1] Economic Implications - The response from small businesses to rising costs typically involves cutting expenses, with labor being their largest cost component [1]