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Midday Report: Factory Orders Improve in April; U.S. Stocks Slide on Weak Jobs Report

The U.S. jobs report for May came in well below expectations, sparking worries over the health of the economy even as the chances of a summer rate hike diminished.

The U.S. jobs report for May came in well below expectations, sparking worries over the health of the economy even as the chances of a summer rate hike diminished. The big miss triggered big losses for financials. Factory orders in April came in far stronger than forecasts. That's a positive sign that manufacturing headwinds such as weaker global demand and a strong U.S. dollar have begun to subside. The services sector grew at a slower-than-expected pace. The non-manufacturing ISM index for May was weighed down by its new orders and employment components. Service sector sentiment fell to its lowest level since early 2014. Gap (GPS) - Get Gap, Inc. Report turned higher despite reporting a five percent decline in sales last month. TheStreet's Keris Lahiff reports from Wall Street.

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