This week, we examine signs of economic cooling and a more demanding market backdrop. Private labor market reports from ADP, Revelio Labs, and Challenger, Gray and Christmas point to slowing hiring and softer demand for workers. Motor vehicle sales also weakened, and we argue the slowdown reflects more than poor weather, with a slowing consumer playing a larger role. Finally, we review recent earnings in the technology sector. While positive surprises remain common, markets have often reacted negatively. At today’s elevated valuations, investors appear far less willing to reward results that merely meet or slightly beat expectations.