U.S. stocks took their biggest loss in more than six weeks Thursday as investors reacted to mounting evidence that hiring has slowed down. Energy and health care companies fell sharply, and so did retailers.
Stocks slumped after ADP, a payroll processing company, said private businesses added fewer jobs in June than investors had expected. The losses deepened in afternoon trading.
Bond prices fell and yields jumped, which hurt companies that pay large dividends, such as major drug companies and real estate investment trusts. Retailers sank after L Brands, the parent company of Victoria’s Secret, reported weak sales in June.