4:10pm: Wall Street waits
US markets closed Wednesday in mixed territory, with major indexes making only modest moves as investors took a wait-and-see approach ahead of Friday’s closely watched jobs report.
The Nasdaq stood out from the crowd, adding 62 points, or 0.3%, to end the session at 19,460, boosted once again by tech strength.
The Dow Jones slipped 92 points, or 0.2%, to finish at 42,428, dragged lower by weakness in some of its more cyclical names. The S&P 500 was unchanged on the day, closing flat at 5,971.
Small-cap stocks didn’t share in the optimism, with the Russell 2000 down 3 points, or 0.2%, to close at 2,100.
Market action was relatively muted, as investors showed little conviction one way or the other. With key economic data on deck—most notably Friday’s employment numbers—many opted to stay on the sidelines.
All eyes are on the jobs report, which could shape expectations for the Federal Reserve’s next moves. Until then, it’s a market in pause mode.
3:48pm: Proactive news headlines
New Era Helium said its Texas Critical Data Centers joint venture signed a non-binding MOU with PowerForward Energy Solutions to potentially secure 250 megawatts of on-site power.
Voyageur Pharmaceuticals announced its first commercial sale worth C$89,000 to a major Canadian radiology provider, marking its entry into revenue generation with its Health Canada–approved barium contrast agents.
Power Metallic Mines reported final assay results from its winter 2025 drill campaign showing strong gold, silver, copper, palladium, and platinum mineralization at its Lion Zone and early signs at Nisk East.
NanoViricides is advancing its measles antiviral NV-387 with a new animal trial using genetically modified mice that express the human receptor crucial for measles infection.
Charbone Hydrogen secured a US$50 million project finance facility to accelerate the construction of modular hydrogen production facilities across North America.
BioHarvest Sciences launched VINIA DailyChews 2X Formula, a new botanical-based wellness product for athletes and active individuals, now available on VINIA.com.
3:05pm: Stocks on the move
Asana shares dropped sharply after its Q1 earnings revealed a slowdown in revenue growth to 9% from 26% year-over-year, alongside concerns about net retention rates.
Hewlett Packard Enterprise shares rose over 8% pre-market following fiscal Q2 results that beat earnings estimates despite a 10% year-over-year EPS decline.
Voyageur Pharmaceuticals Ltd (TSX-V:VM, OTC:VYYRF) announced its first commercial sale worth C$89,000 to a major Canadian radiology provider, marking its entry into revenue generation with its Health Canada–approved barium contrast agents.
Power Metallic Mines Inc (TSX-V:PNPN, OTCQB:PNPNF) reported final assay results from its winter 2025 drill campaign showing strong gold, silver, copper, palladium, and platinum mineralization at its Lion Zone and early signs at Nisk East.
NanoViricides (NYSE-A:NNVC) is advancing its measles antiviral NV-387 with a new animal trial using genetically modified mice that express the human receptor crucial for measles infection.
Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) secured a US$50 million project finance facility to accelerate the construction of modular hydrogen production facilities across North America.
BioHarvest Sciences Inc. (NASDAQ:BHST) launched VINIA DailyChews 2X Formula, a new botanical-based wellness product for athletes and active individuals, now available on VINIA.com.
2:30pm: Dollar nears six-week low
The US Dollar Index slipped toward 98.8 on Wednesday, approaching a six-week low of 98.6 set on Tuesday, as a series of weak economic reports raised fresh doubts about the US economic outlook. The latest ISM services PMI showed the sector contracted in May for the first time in nearly a year, weighed down by a steep decline in new business and rising input costs, likely linked to recent tariff hikes. Meanwhile, ADP data revealed private employers added only 37,000 jobs in May—the slowest growth since March 2023 and far below expectations of 115,000. Contrasting this, April’s JOLTs report indicated job openings unexpectedly rose to 7.39 million, beating forecasts.
With attention now turning to Friday’s nonfarm payrolls report, markets are seeking clearer signals on the Federal Reserve’s next moves. Despite President Trump’s calls for rate cuts, Fed officials have remained cautious amid ongoing trade uncertainties.
“Investors got another taste of May data, but still seem happy to buy the dip,” said Chris Beauchamp, Chief Market Analyst at IG. “Stocks might be ok with bad data but the dollar isn’t. The greenback finds itself at the lows of the day, threatening a break to the late April lows. This is fuelling risk-on moves across FX markets, but next week’s CPI may yet provide some succour to beleaguered dollar bulls.”
12:40pm: Markets treading water
Stocks are mostly holding steady around midday, buoyed by strong tech shares but tempered by some uncertainty around the economy and trade news.
Just after midday, all three major indexes were hovering near the flatline.
Investors are playing it safe as they wait for important economic reports coming later this week.
The market reacted cautiously to weaker-than-expected job numbers from ADP, which showed only 37,000 private sector jobs added in May—the slowest pace in over two years. This has some hoping the Fed might cut interest rates to support growth, though it also raises questions about how healthy the labor market really is.
Tech stocks remain the bright spot, with Nvidia continuing its rally after recently becoming the world’s most valuable public company. Other chipmakers like Broadcom and AMD also gained, and Hewlett Packard Enterprise jumped after a strong earnings report. On the flip side, CrowdStrike dropped sharply after lowering its revenue outlook.
Trade tensions with China are still on investors’ minds. While recent tariffs and comments from President Trump have kept nerves on edge, many now see tariffs more as bargaining chips than a real threat to the market’s momentum. A possible chat between Trump and Xi Jinping this week could shift sentiment further.
All eyes are on the big jobs report due Friday, which could provide clearer signals about the economy and the Fed’s next moves—so for now, investors are mostly waiting it out.
11:48am: Nasdaq nears record highs
The Nasdaq 100 Index is closing in on record highs, climbing out of bear market territory in under two months thanks to robust tech earnings, optimism over trade policy, and renewed enthusiasm for artificial intelligence, according to LPL Financial.
Analysts highlighted the resilience and momentum behind the tech-heavy index, which now sits just 2% shy of its all-time high.
“Buying pressure has also been widespread, as only eight stocks are lower since the April 8 low, while the average gain for the rest of the index since then has been about 25%,” the firm said.
Key catalysts behind the rally include the Biden administration’s delayed tariff measures in April, signs of progress in U.S.-China trade talks, and corporate earnings that show no letup in AI-related capital expenditure. Despite the rapid price gains, LPL noted that the jump in expected operating margins—from 18.0% in 2024 to 25.6% by 2026—helps justify the Nasdaq 100’s elevated valuation.
"Momentum remains bullish and recently reset from overbought levels," LPL Financial said, adding that a close above 22,176 would confirm a fresh record high.
11:16am: Cost pressures mount again
The US services sector unexpectedly contracted in May, signaling renewed weakness in the broader economy as demand slumped and price pressures mounted.
The Institute for Supply Management’s services PMI fell to 49.9, missing expectations for 52.0 and slipping below the 50 threshold that separates expansion from contraction. It marked the first reading below 50 since December 2022.
New orders plunged to 46.4 from 52.3 in April, suggesting a sharp pullback in demand that some analysts attribute to preemptive buying ahead of potential tariffs. Prices paid—a measure of input cost inflation—jumped to 68.7, the highest since March 2023.
“The overall report was a bleak read on service-sector activity, but the details mostly reflect the dynamics of a pull-forward in demand ahead of tariffs," Wells Fargo analysts commented.
"The plunge in demand does not bode well for coming activity, but it's too soon to know if cost pressure will be sustained and its influence on hiring.”
Employment was a rare bright spot, ticking up to 50.7, suggesting hiring held steady despite broader weakness.
10:35am: Hiring slows in May
US private sector job growth slowed sharply in May, according to payrolls processor ADP, signaling a cooling labor market amid ongoing tariff uncertainty and high interest rates. However, economists say the data is unlikely to shift the Federal Reserve’s stance on interest rates in the near term.
The ADP report showed weaker-than-expected payroll additions last month, while private wage growth remained stable. The slowdown in hiring reflects broader pressures on the economy, including tighter financial conditions and uncertainty around trade policy.
"The job market has clearly downshifted in the second quarter," said Bill Adams, chief economist at Comerica. “But with inflation still running above the Fed’s target, a modest softening in job growth is not enough to warrant a near-term rate cut.”
Adams noted that labor force growth is expected to slow in 2025 due to reduced immigration, which means fewer job gains may be needed to keep the unemployment rate steady. Comerica projects Friday’s official government report will show 125,000 jobs added in May and the unemployment rate unchanged at 4.2%.
While the ADP data could pose downside risk to the upcoming Bureau of Labor Statistics report, Adams cautioned that monthly job numbers are often volatile and can diverge significantly.
9.50am: Nasdaq leads gains as semiconductors gain, HPE and Dollar Tree among big movers
The Nasdaq took an early lead as Wall Street stocks opened higher on Wednesday, with a group of semiconductor names were driving the gains.
After the first 20 minutes of trading the tech-heavy index was up 0.4%, while the S&P 500 and Dow Jones climbed 0.3% and 0.2%. The small and mid-cap Russell 2000 gained 0.3%.
Super Micro Computer, GlobalFoundries, Broadcom, NXP and ON Semiconductor were among the top risers.
On the S&P, Hewlett Packard Enterprise Co (NYSE:HPE, ETR:2HP) was top riser, as the IT infrastructure provider reported strong earnings for its fiscal second quarter.
Dollar Tree, Inc. (NASDAQ:DLTR) was the biggest faller, down 8.25% after a mixed earnings update just as the stock hit a nine-month high.
CrowdStrike Holdings Inc (NASDAQ:CRWD) was down 7.9% after the cybersecurity company's second-quarter revenue outlook came in below analysts' estimates, hit by the Windows-related outage last year.
8am: S&P 500 and Russell 2000 projected to lead modest gains
Wall Street stocks have been called slightly higher ahead of trading on Wednesday as Donald Trump's new 50% tariffs on steel and aluminum imports come into force, but the President seemed to bemoan a lack of progress in China trade talks.
Futures for the S&P 500 and small-cap Russell 2000 were up around 0.2%, while Dow Jones futures and those for the Nasdaq 100 were up either side of 0.15%.
Trading in New York yesterday saw investors overcome a nervous start as all the major indices fought their way to a positive finish, led by a 1.6% gain for the domestically focused Russell 2000 and a 0.8% increase for the tech-heavy Nasdaq.
The S&P 500 and Dow Jones both closed up 0.5% despite the sizeable downgrade to the economic growth forecast from the OECD, which expects the US to be the hardest hit among major economies due to the impact of tariffs.
Yesterday, market sentiment was helped by a positive JOLTS job openings update, which surpassed expectations and signalled underlying resilience in the labour market, before President Trump signed a proclamation that confirmed the doubling of tariffs on imports of steel and aluminum as of midnight.
The UK was the only country exempt from the hike, as the only country to have struck a trade agreement with the US so far.
With other trade deals conspicuous by their absence, White House officials said letters have been sent to other countries as a "friendly reminder" that Trump's 90-day pause on "reciprocal" tariffs runs out at the start of next month. Today also marks the deadline for trading partners to offer up their best trade concessions.
Amid reports that a top-level US-China trade call will take place this week, Trump fired off a social media post last night, saying "I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!" after another earlier in the day that had said that "because of tariffs, our economy is BOOMING!"
There was no response, however, after Tesla boss Elon Musk, who recently departed his role in the White House's 'DOGE' department slammed the President’s tax cuts bill.
"I’m sorry, but I just can’t stand it anymore," Musk wrote on his own social media platform last night, adding: "This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination."
The dollar remained soft, with the dollar index not far above recent lows. WTI crude oil was little moved at $63.4 a barrel, after yesterday's gains.
While the US stock indexes have posted relatively modest daily gains so far this week, "they have all contributed to a decent start to the month", said market analyst David Morrison at Trade Nation.
With both the Nasdaq and S&P 500 creeping back up to within sight of February’s all-time highs, while the Dow and the Russell 2000 continue to lag, "the disparity between the two pairs of indices demonstrates that, once again, it is tech which is at the vanguard of the move higher", he said.
"This indicates investor conviction that highly innovative tech companies should be relatively immune to President Trump’s ever-changing tariffs.
"In addition, many investors continue to look past the current trade confusion, convinced that it will all turn out fine in the end."
He said trade "will remain in focus for the rest of the week".
Today's data includes ADP payrolls, which came in at 37K, down from 60K last time but well below the 115K consensus.