The major indexes of the New York Stock Exchange started with a slight rise. Concerns about economic slowdown have surfaced as May's private employment recorded its lowest level in nearly two years, which has limited the extent of the rise.
As of 10:35 a.m. local time on the 4th, the Dow Jones Industrial Average was trading at 42,610.51, up 90.87 points (0.21%) from the previous session on the New York Stock Exchange (NYSE), the S&P 500 index rose 17.48 points (0.29%) to 5,987.85, and the Nasdaq index increased by 57.36 points (0.30%) to 19,456.32.
On this day, the Automatic Data Processing (ADP) May private employment report was released. According to ADP, employment in the institutional sector increased by only 37,000 in May. This figure is significantly below the revised figure of 60,000 from the previous month and the market expectation of 115,000. The increase in employment is the lowest level since early 2022.
The weak employment indicators are also raising uncertainties about the May non-farm payroll figures from the U.S. Department of Labor, which will be announced on the 7th. The current market reports that non-farm employment likely increased by 125,000.
Immediately after the indicator announcement, U.S. President Donald Trump criticized Federal Reserve Board Chair Jerome Powell, saying, "Too Late Powell," and urged a cut in the benchmark interest rate. The market also has expectations for progress in trade negotiations, along with the possibility of communications between the U.S. and China leaders this week.
On this day, President Trump mentioned through his social media platform "Truth Social" that he "likes Chinese President Xi Jinping" but stated that "negotiations with President Xi are extremely difficult."