Job Losses Top Estimates: US Stock Futures Fall as 298k Cut From Payrolls

“ADP Employer Services said private employers cut 298,000 jobs last month, topping the average economist estimate of 250,000,” throwing a wrench into things. “U.S. stocks yesterday retreated for a third day, the longest losing streak since June, as concern banks will post more losses overshadowed manufacturing and housing data that topped economist estimates.”