US Stocks Post Modest Gains
US stocks edged higher on Wednesday, with the Dow, S&P 500, and Nasdaq all gaining around 0.3%, though volatility is likely to persist as investors digest mixed labor market data and monitor ongoing trade tensions.
The ADP report revealed the private sector added just 37K jobs in May, the weakest monthly increase in nearly two years and well below expectations. This followed Tuesday’s JOLTS report, which surprised to the upside, painting a mixed picture of labor market conditions ahead of Friday’s highly anticipated jobs report. On the trade front, new 50% tariffs on steel and aluminum imports came into effect today.
President Trump described Chinese President Xi Jinping as “very tough to make a deal with.” The two leaders are expected to hold talks later this week, keeping markets on alert. Sector-wise, healthcare and communication services led the gains, while utilities lagged behind. Nvidia climbed 0.6%, overtaking Microsoft to become the world’s most valuable company.
Source: Trading Economics