President Donald Trump urged Federal Chair Jerome Powell to lower interest rates
A weaker-than-expected ADP jobs report is sparking concerns about the economy this morning. Private payrolls rose 37,000 in May, well below analysts' estimates of a 110,000 increase, and hit its lowest level in more than two years. As a result, futures on the Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX) and Nasdaq-100 (NDX) are flat.
President Donald Trump urged Federal Reserve Chairman Jerome Powell to lower interest rates on Truth Social after the weak jobs data. Investors are also monitoring trade talks between Trump and Chinese President Xi Jinping, which Trump described as “extremely hard.”
Continue reading for more on today's market, including:
Global stocks are outperforming the SPX. Data from Senior Quantitative Analyst Rocky White says that's a bad omen.
Semiconductor stock red-hot as earnings loom.
Plus, two analyst updates to unpack; and HPE surges on earnings beat.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts and over 945,093 put contracts traded on Tuesday. The single-session equity put/call ratio fell to 0.51, while the 21-day moving average stayed at 0.59.
- Needham downgraded Apple Inc (NASDAQ:AAPL) stock to "hold" from "buy," citing competition risks amid generative artificial intelligence (AI) innovation. AAPL is 0.5% lower premarket, and already carries a significant 18.8% year-to-date deficit.
- Spotify Technology SA (NYSE:SPOT) stock is up 1% ahead of the open, after a lofty price-target hike from J.P. Morgan Securities to $730 from $670. Shares also boast a 114% year-over-year lead.
- Hewlett Packard Enterprise Co (NYSE:HPE) is up 7.1% before the bell, after the company announced an earnings and revenue beat for its fiscal second quarter and raised its profit outlook, citing a smaller impact from tariffs than previously expected. HPE is looking to trim a 17.1% deficit for 2025.
- June kicks off with a big batch of jobs, services, and manufacturing data.
Asian, European Markets Higher Amid Trade Talks
Stocks moved higher in Asia, enjoying Nvidia's (NVDA) pop. South Korea's Kospi surged 2.7% to its highest mark since August, with all eyes on the region's opposition leader Lee Jae-myung, who won the election for the presidency. The country also posted consumer price index (CPI) data that fell 0.1% in May, its weakest reading since December. Trade tensions between the U.S. and China remained, leaving Hong Kong's Hang Seng and China's Shanghai Composite up 0.6%, and 0.4%, respectively. Japan's Nikkei added 0.8%.
European markets are higher as well, as the euro zone prepared to welcome Bulgaria, who will now use the euro beginning in 2026. European Trade Commissioner Maros Sefcovic said the U.S. and Europe are making some progress with trade talks as well. At last check, London's FTSE 100 is up 0.2%, and both France's CAC 40 and Germany's DAX are 0.7% higher.