Adviser Investments Chief Investment Officer Jim Lowell has the market analysis for Wednesday, May 1. The Dow Jones Industrial Average and NASDAQ Composite each fell 0.6%, and the S&P 500 closed the day down 0.8%. Meanwhile, ADP’s National Employment Report figures easily exceeded expectations, with private payrolls adding 275,000 in April, far surpassing the 177,000 new jobs forecast and a continued reflection of economic growth. The Institute for Supply Management also reported that U.S. manufacturing activity slowed to 52.8 in April—its lowest read since October 2016. Despite recent declines, Jim emphasized that any figure over 50 indicates manufacturing industry expansion.