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U.S. stocks edged mostly lower Wednesday as fresh labor market data raised concerns over a potential economic slowdown, increasing speculation that the Federal Reserve may move to cut interest rates soon.
As of 09:35 ET, the Dow Jones Industrial Average was down 115 points (0.3%), while the S&P 500 slipped 7 points (0.1%). The NASDAQ Composite, however, ticked up by 20 points (0.1%).
Private payrolls dropped by 33,000 in June, sharply missing expectations for a 99,000 gain. The ADP National Employment Report also revised May’s figure downward to 29,000 from the initial 37,000 — marking the smallest increase since March 2023.
Job losses were led by professional and business services, along with the education and healthcare sectors, while leisure, hospitality, and manufacturing saw moderate gains. The numbers suggest employers are pulling back on hiring amid ongoing economic uncertainty, including tariff-related concerns.
Other recent data also paints a mixed picture: while job openings unexpectedly rose in May, hiring slowed — a potential sign that the labor market is beginning to cool. Investors are now awaiting Thursday’s closely watched nonfarm payrolls report for deeper insight.
Fed Chair Jerome Powell, speaking at a central bank summit in Sintra, Portugal, reiterated the Fed’s data-driven approach amid persistent economic ambiguity tied to trade policy. Analysts at Morgan Stanley believe the labor weakness may push the Fed to consider rate cuts as early as July.
Overnight, the Senate approved President Trump’s ambitious fiscal proposal — dubbed the “One Big Beautiful Bill” — moving it to the House for final approval ahead of the self-imposed July 4 deadline.
The bill includes extensions of Trump’s 2017 tax cuts, new tax breaks, and increased defense and border security spending. However, critics — including some Republicans — warn it could inflate the national debt by more than $3 trillion, according to nonpartisan estimates.
Meanwhile, global trade developments are offering some relief to markets. After announcing a deal with China last week, the U.S. appears to be accelerating efforts to reach additional trade agreements before Trump’s July 9 tariff deadline.
Canada has dropped its planned digital services tax, and reports suggest India may finalize a deal soon. Trump reaffirmed he won’t extend the deadline, saying countries will be officially notified of new tariffs next week. According to the Financial Times, the U.S. is shifting toward smaller, phased trade deals to notch quick victories.
Tesla (NASDAQ: TSLA) shares bounced back Wednesday following steep losses the previous day, when Trump reignited his feud with CEO Elon Musk, accusing him of over-reliance on government subsidies and calling for a review of federal support.
Tesla reported second-quarter deliveries of 384,122 vehicles, down from 443,956 in Q2 2024 but better than many analysts had feared.
Microsoft (NASDAQ: MSFT) confirmed plans to lay off up to 9,000 employees, or around 4% of its global workforce — the company’s largest workforce reduction since 2023.
Oil prices rose Wednesday after Iran suspended cooperation with the U.N. nuclear watchdog, escalating geopolitical tensions. Tehran now requires Supreme National Security Council approval for future nuclear site inspections.
The move follows attacks last month on Iranian nuclear facilities by Israel and the U.S. Meanwhile, U.S. oil inventories rose by 680,000 barrels last week, according to the American Petroleum Institute, raising questions about summer fuel demand ahead of the official EIA report due later Wednesday.
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