Dow Opens Flat After 4 Straight Gains as Weak Jobs Data Weighs on Sentiment
U.S. stocks were mixed on Wednesday after private sector hiring hit its lowest level in more than two years, raising concerns trade policy uncertainty could be weighing on the U.S. economy.
The Dow Jones Industrial Average rose just 48 points, or 0.1%. The S&P 500 climbed 0.2%, while the Nasdaq Composite advanced 0.3%.
A report from payrolls processing firm ADP showed that payrolls increased only 37,000 for the month, less than the downwardly revised 60,000 in April and below the consensus forecast of 110,000 that economists polled by Dow Jones were expecting.
The report casts a pall over Friday’s all-important government nonfarm payrolls report, which economists currently expect to show an increase of 125,000 jobs for May, according to a Dow Jones survey.
President Donald Trump blasted Federal Reserve Chairman Jerome Powell right after the ADP numbers came out, saying “Too Late Powell” should cut rates.
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