Stocks traded down on bad data, with the ADP employment survey coming in well below expectations (at 189,000 vs. a consensus 225,000) and the venerable NAPM manufacturing purchasing managers’ index printing at 51.5 vs a consensus 52.5 (and 52.9 in February).

NAPM is the broader and better established survey, and the market clearly puts more credence in it than in the Markit survey, which beat expecctations at 55.7.

Construction spending was down MOM by -0.1%, in line with expectations, but the important story is that construction spending overall hasn’t budged since December 2013.

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