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Stocks retreated Tuesday as weak readings on manufacturing and jobs offset a a report that showed the economy wasn't in as bad a shape as first expected over the summer.
The Chicago purchasing-manager's index fell to 46.1 in September from 50 in August. A reading of 50 or higher indicates expansion; below that, contraction.
The Chicago report isn't usually a market-mover, as it's more volatile than the national ISM reading, due out tomorrow. Still, economists suggested that the ISM number may be lower due to this report. Economists expect to see the ISM gauge to tick up to 54 from 52.9 in August.
On the jobs front, ADP said private employers cut 254,000 jobs from their payrolls in September, more than expected but less than the revised 277,000 loss recorded in August.
The ADP report is closely watched as it comes out before the government's September jobs report, which is due out on Friday. Economists surveyed by Reuters expect to see that 180,000 jobs were lost this month, compared with 216,000 in August.
Meanwhile, the economy contracted at a 0.7-percent rate in the second quarter, the government said in its final reading on the quarter. That was less than the 1-percent decline reported in the prior reading.
Oil pulled back, trading below $67 a barrel.
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