ADP's outsized 479,000 payroll estimate was nearly double Econoday's high estimate in a result that had economists upping their estimates for tomorrow's employment report. It also had investors seeking cover from another Federal Reserve rate hike at the month-end FOMC meeting. The Dow fell 1.1 percent while the Nasdaq fell 1.9 percent.

ADP estimates don't always line up with actual government outcomes but Challenger's job-cut count was another of Econoday's calendar highlights, falling in half to 40,700 to further signal strength for tomorrow's report. Thursday's other data included a strong level of job openings in the monthly JOLTS report. Econoday's nonfarm payroll estimate is 213,000 with the unemployment rate expected to edge down 1 tenth to an even lower 3.6 percent.

Meta Platforms fell 0.8 percent despite analysts falling over themselves all day long in praise of its new Twitter-killer Threads app.

Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.

Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.