<\/p>\n
Major U.S. stock indices inched higher on Wednesday, June 4, as weaker-than-expected labor market data gave investors a reality check about the economy\u2019s strength.<\/p>\n
The Dow Jones Industrial Average was up 0.05%, the S&P 500 rose 0.13%, and the tech-heavy Nasdaq Composite gained 0.20%\u2014though all three struggled for clear direction amid renewed concerns over employment.<\/p>\n
Traders were focused on employment figures, which seemed to have promised some good news earlier this week. On Tuesday, June 3, a survey on job openings showed steady growth, while new positions were in parity with the number of job seekers. However, new data dashed these hopes away. <\/p>\n
A survey by the payroll processing firm ADP showed an increase of just private-sector payrolls of just 37,000 in May. This is a steep decline from a 60,000 increase in April, missing the expected figure of 110,000 by a significant margin. The big miss now changes the outlook on Friday\u2019s crucial nonfarm payrolls report.<\/p>\n
<\/p>\n
A weak reading on the Friday job market data will add to the growing uncertainty. This is especially significant as the Federal Reserve, a key influence on the market, grapples with pressures from every direction. For one, Donald Trump\u2019s budget will reportedly lead to a $2.4 trillion deficit<\/a>. <\/p>\n While the figure is less than previously estimated, it is already causing a stir among Treasury holders. This is especially true after Moody\u2019s downgrade of the U.S. debt. Still, yields on major Treasuries were down on Wednesday, with ten-year Treasury yields at 4.353%, falling 0.107% the same day. <\/p>\n