The New York stock market ended with mixed results on Wednesday, breaking a two-day winning streak.
Investor sentiment took a hit after ADP, the U.S. employment services firm, released May’s private sector employment growth to fall far short of expectations.
ADP reported that private sector employment increased by a mere 37,000 jobs in May, significantly below the market’s forecast of 110,000 new positions.
While 125,000 new jobs are expected in the U.S. Department of Labor’s May employment report, which will be released on Friday, there is an increased likelihood that this expectation may also not be met.
Market Closes Mixed
After two consecutive days of gains in June, the market reversed course, trending downward.
The Dow Jones Industrial Average slipped 91.90 points (0.22%) to close at 42,427.74.
The S&P 500 saw a marginal gain, rising 0.44 points (0.01%) to finish at 5,970.81.
The tech-heavy Nasdaq Composite added 61.53 points (0.32%), ending at 19,460.49, though the increase was modest.
Apple and Tesla Buck Trend as Other Tech Giants Rise
Most of the Magnificent Seven tech stocks saw gains, with Apple and Tesla being the exceptions.
Meta Platforms stood out with a robust performance, surging 21.10 USD (3.16%) to 687.95 USD.
Nvidia inched up 0.70 USD (0.50%) to 141.92 USD, while Microsoft added 0.90 USD (0.19%) to close at 463.87 USD.
The market capitalization gap between Nvidia, which reclaimed the top spot the previous day, and Microsoft, now in second place, widened to 15 billion USD. Nvidia’s market value reached 3.463 trillion USD, while Microsoft stood at 3.448 trillion USD.
Tesla, however, continued its downward trend for the fourth consecutive session since May 30, with losses approaching 7.4% during this period.
Tesla’s stock price has been under pressure due to declining sales in Europe and the U.S., coupled with profit-taking. Tesla shares plummeted 12.22 USD (3.55%) to 332.05 USD.
Apple showed weakness following a pessimistic forecast from market research firm Counterpoint Research, which projected that smartphone shipment growth this year would only reach 2.5%, down from the initial 4% estimate.
Apple shares dipped 0.45 USD (0.22%) to close at 202.82 USD.
Investment bank Needham downgraded its rating on Apple from Buy to Hold and withdrew its previous 225 USD price target.
