The U.S. stock markets are all heading lower this morning after some poor data on the consumers, and some profit taking after a nice rebound in stocks the past few days. The Dow currently sits lower by 164 points, the Nasdaq lower by 19, and the S&P 500 lower by 18, or 1.2%.
The monthly jobs report from ADP showed only a gain of 38,000 jobs last week, when analysts had predicted 80,000 jobs created. Also, pending home sales tumbled by 12%, far greater than analysts had predicted. These numbers led strategists and investors alike to worry more about the possibility of an upcoming economic recession.
Retailers are leaders on the downside today, after being the weakest sector just yesterday as well. Costco Wholesale Corporation (NASDAQ:COST) is the leader on the downside today, losing 5.1% on very heavy volume. Costco, which has been 
one of the strongest performers in the retail group, released very disappointing August same store sales numbers this morning. Swept up in the downdraft from Costco's poor numbers were some other major retail stocks who are hitting new 52 week lows this morning. Wal-Mart Stores Inc. (NYSE:WMT) has hit a new 52 week low this morning, trading down 1.6%. Also on the 52 week low list among retailers is Kohl's Corporation (NYSE:KSS) and Dillard's Inc. (NYSE:DDS) down by 4.37% and 2.35% respectively this morning. Guess Inc. (NYSE:GES) is trading lower today by 8.5% on huge volume after the company reported strong earnings, but disappointed in their guidance.
Housing stocks were hit hard this morning after the poor housing data. KB Home (NYSE:KBH) trades lower by 5.33%, while Lennar Corporation (NYSE:LEN) trades down by 4.13%.
Biotechs stand out as the strongest group on wall street today. Amgen Inc. (NASDAQ:AMGN) shares jumped over 2% on the day after the Senate passed a resolution requesting a reconsideration of a reimbursement decision on anemia drugs. Genentech Inc (NYSE:DNA) is trading higher by 1.08% on the heels of that same news.
The Federal Reserve Beige Book will be released at 2 pm today, so the market will be watching that very closely.
A bit concerning for the bulls is that today's selloff comes on stronger volume than yesterday's gains, but the volume is still far from strong. This market was due for a breather, and today's economic data gave investors a reason to sell and take their recent profits.
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