Quick overview

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Wall Street ended mixed on Wednesday as investors reacted to weaker-than-expected U.S. private payroll data, reigniting concerns that the world’s largest economy could be hurt by its ongoing tariff strategy.

Meanwhile, President Donald Trump once again criticized the Federal Reserve.

Midweek trading saw varied performances across the major indexes. The Dow Jones Industrial Average, which tracks 30 blue-chip stocks, slipped 0.22% to 42,427.74 points. The S&P 500, which represents the most valuable U.S. companies, inched up 0.01% to 5,970.81, while the tech-heavy Nasdaq Composite rose 0.32% to 19,460.49.

According to ADP’s private payroll report, U.S. companies added just 37,000 jobs in May—well below the expected 110,000—prompting renewed fears about the potential impact of the administration’s tariff policies on economic growth.

Trump Criticizes Fed Again Amid China Tensions

In response to the economic data, President Trump once again criticized Federal Reserve Chair Jerome Powell for not lowering interest rates. He also commented on the difficulty of securing a trade agreement with Chinese President Xi Jinping.

Sector performance was mixed. Among Dow components, Merck & Co (+1.46%) and Sherwin-Williams (+1.25%) led the gains, while Chevron (-1.54%) and Travelers (-1.52%) posted the steepest losses.

U.S.–China Trade War Back in Focus

Investors kept a close eye on a deadline set by Trump for trade partners to submit their “best offers” to avoid new import tariffs. So far, only the United Kingdom has reached a preliminary trade agreement with the U.S. during the 90-day tariff pause.

The White House announced that President Trump will speak with Chinese President Xi Jinping later this week—just days after accusing Beijing of violating a previous agreement to ease retaliatory tariffs. China has denied the allegations.

Posting on Truth Social, Trump described Xi as “very tough” and “extremely difficult to make a deal with.” Earlier, he signed a proclamation doubling tariffs on steel and aluminum from 25% to 50%, following through on an earlier threat.

Stock Movers: CrowdStrike, Dollar Tree, HPE

Among notable individual stocks:

• CrowdStrike shares plunged 5.3% after the cybersecurity firm issued weaker-than-expected revenue guidance for the current quarter, overshadowing fiscal Q1 earnings that beat Wall Street estimates.
• Dollar Tree dropped 7.6% after the discount retailer declined to raise its full-year forecast, disappointing investors.
• On the upside, Hewlett Packard Enterprise gained 1.2% after reporting second-quarter earnings and revenue that beat expectations, driven by strong demand for its AI servers and hybrid cloud segment.