U.S. stocks edged higher on Wednesday as the market digested weak economic data while keeping an eye on trade developments. The S&P 500 rose 0.1%, the Nasdaq gained 0.4%, and the Dow gained about 50 points, extending gains for a third straight session.
Tech stocks continued to provide support, although enthusiasm was tempered by disappointing labor market data. Nvidia rose 3%, surpassing Microsoft and becoming the world's most valuable public company once again. Private sector hiring rose just 37,000 in May, the weakest in more than two years, and the ISM services index fell to 49.9, marking only its fourth contraction in five years.
President Trump doubled tariffs on steel and aluminum imports, further stoking trade uncertainty, while expressing frustration with Fed Chairman Jerome Powell and urging interest rate cuts. Investors are watching for a potential phone call between Trump and Xi Jinping, as tensions over tariffs and trade terms with China escalate. (alg)
Source: Trading Economics
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