Wall Street stock index futures were subdued on Wednesday as investors weighed U.S. trade negotiations ahead of President Donald Trump's July 9 tariff deadline.

U.S. private payrolls unexpectedly fell in June and job gains in the prior month were smaller than initially thought, the ADP National Employment Report showed on Wednesday.

Private payrolls dropped by 33,000 jobs last month after a downwardly revised 29,000 increase in May. Economists polled by Reuters had forecast private employment increasing 95,000 following a previously reported gain of 37,000 in May.

Market Snapshot

At 8:25 a.m. ET, Dow e-minis were up 27 points, or 0.06%, S&P 500 E-minis were down 3.5 points, or 0.06%, and Nasdaq 100 E-minis were down 58 points, or 0.26%.

Pre-Market Movers

Tesla was rising 1.3% ahead of the expected release of second-quarter deliveries from the electric-vehicle company. Tesla recently released the consensus number it compiles from about two-dozen Wall Street analysts, who expect about 386,000 vehicles to have been delivered in the period, down about 13% from 444,000 a year earlier. Amid escalating tensions with Donald Trump over his flagship "One Big, Beautiful Bill", billionaire Elon Musk praised the US President's negotiating skills on Wednesday, after the Republican leader claimed that Israel was ready to agree to a peace deal with Hamas to pause conflict in Gaza.

Apple was up 1.1% to $210.12 after analysts at Jefferies upgraded the iPhone maker to Hold from Underperform and raised their price target to $188.32 from $170.62. The firm believes good fiscal third-quarter earnings "could keep the stock stable" in the near term. Apple shares have declined 17% this year.

Gryphon Digital Mining shares soared 52% in premarket trading following news that the company filed an amended registration statement with the Securities and Exchange Commission for its pending merger with Bitcoin BTC/USD mining firm American Bitcoin Corp.

Nvidia-linked shares Cyngn Inc rose 11.8% in premarket trading. Cyngn said last Thursday it is partnering with Nvidia to use its robotics platform for developing autonomous vehicle services for industrial applications. Furthermore, Cyngn has announced its relocation to a new, larger headquarters in Mountain View, California. The relocation is part of CYNGN's strategy to meet growing demand for its autonomous DriveMod vehicles, which are deployed across various industries.

Centene slid 27% after the health insurer withdrew its fiscal-year earnings guidance following a review of health-insurance market data that pointed to lower-than-expected growth in the year.

Shares of the biggest U.S. banks were rising modestly after the companies announced fresh plans for stock buybacks and dividends following the Federal Reserve's disclosure of positive annual stress tests.

JPMorgan Chase said it plans to increase its quarterly dividend to $1.50 a share and the bank authorized a new $50 billion buyback program, while Bank of America announced its was boosting its dividend 8% to 28 cents a share. Wells Fargo said it was increasing its dividend to 45 cents a share, and Morgan Stanley boosted its dividend to $1 a share and reauthorized a multiyear share buyback plan of up to $20 billion.

Goldman Sachs, meanwhile, raised its dividend to $4 a share and Citigroup boosted its payout to 60 cents.

Verint Systems rose 12% after Bloomberg reported that private-equity firm Thoma Bravo was negotiating the terms of a potential acquisition of the maker of call center software. Verint is working with an adviser, people familiar with the matter told Bloomberg.

Constellation Brands reported fiscal first-quarter earnings and sales that missed analysts' estimates and said its beer business experienced a net sales decrease of 2% that was "driven by a 3.3% decline in shipment volumes reflecting socioeconomic headwinds affecting consumer demand." The company earlier this year said Hispanic beer consumers had cut down on dining out and socializing, worried both about the economy and the administration's immigration crackdown. Shares fell 0.8%.

Adobe declined 1.4% to $386.67. Rothschild & Co Redburn downgraded the maker of design software to Sell from Neutral and reduced their price target on the stock to $280 from $420, the Fly reported. The stock also was being pressured by rival Figma's filing of paperwork for a proposed initial public offering.

Greenbrier Cos. rose 15% in premarket trading after the railroad-equipment company reported fiscal third-quarter earnings and revenue that rose from a year earlier and raised its fiscal-year aggregate gross margin and operating margin guidance.

Market News

Trump’s 35% Tariff Threat Feeds Japan’s Worst-Case Scenario Fear

US President Donald Trump threatened Japan with tariffs of up to 35% as he ramped up tensions for a third straight day, fueling fears of a worst-case scenario among market players and raising doubts over Tokyo’s tactics in trade talks.

Japan should be forced to “pay 30%, 35% or whatever the number is that we determine, because we also have a very big trade deficit with Japan,” Trump said, again flagging the possibility that across-the-board tariffs could go much higher than the 24% initially penciled in for July 9. “I’m not sure we’re going to make a deal. I doubt it with Japan, they’re very tough. You have to understand, they’re very spoiled.”

Tesla's June China-Made EV Sales See First Rise in 9 Months

Tesla's China-made electric vehicle sales edged up 0.8% in June from a year earlier to 71,599 units, snapping an eight-month losing streak, even as lower-cost new models from its Chinese rivals put growing pressure on the U.S. automaker.

Deliveries of Model 3 and Model Y vehicles made in its Shanghai factory, including both China sales and exports to Europe and other markets, were up 16.1% from May, data from the China Passenger Car Association showed on Wednesday.

AirPod Maker Luxshare Is Said to Pick Banks for HK Listing

Luxshare Precision Industry Co. is working with China International Capital Corp., Citic Securities Co. and Goldman Sachs Group Inc. on its planned Hong Kong listing, according to people familiar with the matter.

The Shenzhen-listed Apple Inc. supplier is aiming to raise more than $1 billion in a share sale that could take place as soon as this year, the people said, asking not to be identified because the information isn’t public.