Private payrolls, factory orders, services activity: 3 things to watch

Investing.com -- Stocks sank on Tuesday as soaring yields on Treasuries spooked investors.

Jobs data is the focus this week, and on Tuesday the reading on job openings as of the end of August was 9.6 million, higher than expected. The week also includes data on the number of private payroll jobs added, the number of unemployment claims, and the jobs report from the government on Friday.

The Federal Reserve has been watching the job market closely as it weighs whether to raise rates an additional time this year as it tries to battle inflation. It chose to hold rates steady at its meeting last month but left the door open to another increase if conditions and the data signaled a change. Inflation has been cooling, but a resilient consumer and the tight labor market have complicated the Fed's decision.

Fed officials signaled rates would likely stay higher for longer, cutting their forecast for rate cuts next year in half from their June forecast. Bond yields have been spiking in response to the higher-for-longer message, with the 10-year Treasury reaching heights not seen since 2007.

Here are three things that could affect markets tomorrow:

1. Private payrolls

ADP releases its private payroll report for September is due out at 8:15 ET (12:15 GMT). Analysts expect a reading of 160,000, which would be down from the prior month.

2. Factory orders

Factory orders for August are due out at 10:00 ET. Analysts expect a rise of 0.3% from the prior month, compared with a drop of 2.1% in the prior month.

3. Services activity

The S&P global services number for September is due out at 9:45 ET. Analysts expect a reading of 50.2