Wall Street ends narrowly mixed in choppy trade on weak economic data
U.S. stocks ended mixed on Wednesday, with the benchmark S&P 500 flat, the technology-heavy Nasdaq Composite slightly up and the Dow Jones Industrial Average down as weak data revealed the economic toll taken by President Donald Trump's trade policies.
The services sector contracted in May for the first time in nearly a year, while businesses paid higher input prices, a reminder that the economy was still at risk of slowing growth and rising inflation. Early gains in the S&P 500 evaporated toward the close and trading volume was relatively light.
The ADP National Employment Report showed U.S. private employers in May added the fewest number of workers in more than two years. Investors await Friday's nonfarm-payrolls data for more signs on how trade uncertainty is affecting the U.S. labor market.
Washington doubled tariffs on imported steel and aluminum to 50%, and Wednesday was also Trump's deadline for trading partners to make their best offers to avoid other punishing import levies from taking effect in early July.
Investors focused on tariff negotiations between Washington and trading partners, with Trump and Chinese leader Xi Jinping expected to speak sometime this week as tensions simmer between the world's two biggest economies.
The Dow Jones Industrial Average, fell 91.90 points, or 0.22%, to 42,427.74, the S&P 500, gained 0.44 points, or 0.01%, to 5,970.81 and the Nasdaq Composite, gained 61.53 points, or 0.32%, to 19,460.49.
Source : Reuters
