00:00Alright, for next update, the benchmark S&P 500 stock index ended modestly higher on Wednesday,
00:06supported by technology, shares, but some early gains evaporate as weak data revealed
00:12the economic toll taken by President Donald Trump's erratic trade policy.
00:16The services sector contracted in May for the first time in nearly a year,
00:21while businesses paid higher input prices,
00:23reminded that the economy was still at risk of slowing growth and rising inflation.
00:30The ADP National Employment Report showed U.S. private employers in May
00:34added the fewest number of workers in more than two years.
00:38We saw really weak ADP numbers come out this morning,
00:42along with very weak PMI, Purchasing Managers Index numbers,
00:47the weakest we've seen in roughly a year.
00:50That's driven bond yields down about 10 basis points across the curve,
00:56from twos all the way out to thirties.
00:59So, much lower yields on the day have led to a little bit higher stocks.
01:06Both the S&P, NASDAQ are a little bit higher today based on weak jobs numbers
01:12and the prospect that we'll see weak jobs numbers on Friday
01:15and the prospect that the Fed may very well cut 25, if not 50 basis points come September
01:22to head off unemployment.
01:25Investors await Friday's non-farm payrolls data for more signs on how trade uncertainty
01:32is affecting the U.S. labor market.
01:35Washington doubled tariffs on imported steel and aluminum to 50 percent,
01:39and Wednesday was also Trump's deadline for trading partners to make their best offers
01:44to avoid other punishing import levies from taking effect in early July.
01:48Investors focused on tariff negotiations between Washington and trading partners,
01:53with Trump and Chinese leader Xi Jinping expected to speak sometime this week
01:57as tensions and simmer between the world's two biggest economies.
02:02May saw the biggest monthly increases for the S&P 500 index
02:06and the tag-heavy Nasdaq since November 2023,
02:09thanks to a softening of Trump's harsh trade stance and upbeat earnings reports.
02:13The S&P 500 remains more than 2 percent below-record highs touched in February.
02:20Barclays joined a slew of brokerages in raising its year-end price target for the S&P 500,
02:26pointing to easing trade uncertainty and expectations of normalized earnings growth in 2026.
02:31The S&P 500 gained 0.44 points or 0.01 percent to at-at-5,970.81 points,
02:40while the Nasdaq Composite gained 61.53 points or 0.32 percent to 19,460.49.
02:48The Dow Jones Industrial Average fell 91.9 points or 0.22 percent to 42,427.74.
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