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Dow Jones Ends 4-Day Winning Streak as Weak U.S. Jobs Data Weigh on Markets
The Dow Jones Industrial Average snapped a four-day winning streak, closing down by 92 points, or 0.22%, at 42,427.74. The decline followed the release of weaker-than-expected U.S. private sector employment data, signaling the slowest pace of job creation in over two years.
According to ADP, only 37,000 jobs were added in May, significantly below economists' forecasts of 110,000, and down from the revised April figure of 60,000. The report intensified fears of an economic slowdown and increased expectations for potential monetary easing by the Federal Reserve.
Investor sentiment turned cautious, although the S&P 500 managed a slight gain of 0.01% to finish at 5,970.81, while the Nasdaq Composite rose 0.32% to 19,460.49, driven by strong performance in tech stocks, especially chipmaker Nvidia.
Commenting on the data, former U.S. President Donald Trump criticized Federal Reserve Chair Jerome Powell, accusing the Fed of being "too slow" in adjusting rates and urging immediate action to support economic growth.
