S&P 500 and Nasdaq Struggle to Advance After Weak Jobs Data

Barry Adams
04 Jun, 2025
New York City

Stocks on Wall Street attempted to extend the previous session's gains amid optimism that the U.S. president is not serious about imposing high tariffs on key trading partners. 

The S&P 500 index edged up 0.1%, and the tech-heavy Nasdaq Composite advanced 0.2%, despite Trump's executive order to increase import tax to 50% from 25% on steel and aluminum. 

Investors are increasingly confident that the U.S. president's sky-high tariff threats are negotiating tactics, and the Trump administration is less likely to impose tariffs on key trading partners—China, Canada, Mexico, and Japan. 

The S&P 500 index is now trading about 3% and the Nasdaq Composite is about 4% from their recent highs, respectively. 

Private businesses expanded payrolls by 37,000 in May, the lowest monthly job increase since March 2023, according to data released by ADP. 

Wages increased 4.5% from a year ago for those who held the position and advanced 7% for those who changed to a new job. 

The net payroll expansion was largely driven by an increase of 38,000 jobs in leisure and hospitality and a 20,000 increase in financial services, offset by a 17,000 decrease in business and professional services and 13,000 in education and health services. 

 

Commodities, Currencies, Indexes, Yields

The S&P 500 index increased 0.3% to 5,987.81, the Nasdaq Composite edged up 0.4% to 19,477.52, and the Russell 2000 index advanced 0.2% to 2,106.31.

The yield on 2-year Treasury notes edged lower to 3.93%, 10-year Treasury notes decreased to 4.41%, and 30-year Treasury bonds declined to 4.93%.

WTI crude oil increased $0.11 to $63.52 a barrel, and natural gas prices edged lower by $0.05 to $3.67 a thermal unit.

Gold increased by $3.28 to 3,356.24 an ounce, and silver edged down by $0.11 to $34.41.

The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.22 to 99.01 and traded at the lowest level since April 2022.

 

U.S. Stock Movers 

CrowdStrike Holdings dropped 7.3% to $453.40 after the company's current quarter revenue fell short of analysts' expectations. 

The cybersecurity company estimated revenue to fall between $1.14 billion and $1.15 billion but reported better-than-expected revenue and earnings in the fiscal first quarter. 

Hewlett Packard Enterprise jumped 6.7% to $18.87, and the information technology company reported fiscal second-quarter adjusted earnings per share of 38 cents on revenue of $7.63 billion. 

Dollar Tree Inc. declined 2.3% to $94.51 after the discount retailer reported better-than-expected earnings, but revenue fell short of analysts' expectations. 

Thor Industries increased 6.7% to $88.0 after the recreational vehicle maker reported better-than-expected earnings in the fiscal third quarter and reaffirmed annual estimates.