US Stock Market Today: S&P 500, Dow Jones, Nasdaq Open Higher Despite Weak Job Data

Wall Street opened higher on Wednesday even as data showed private sector hiring hit its lowest level in more than two years, flashing signs of US economic slowdown.

The Dow Jones Industrial Average gained 53 points, or 0.1%, just after the opening bell. The S&P 500 advanced 0.2%, while the tech-heavy Nasdaq Composite climbed about 0.3%.

Seven of the eleven sectoral indices were trading in green led by healthcare and telecom, while utilities and consumer staples declined the most.

Private-sector payrolls in the US increased by 37,000 last month, according to ADP Research, lower than all estimates in a survey of economists, Bloomberg News reported on Wednesday. That marked the second month in a row when the figures were well below expectations.

Sectors including business services, and education and health shed jobs, pointing to a weakened demand for workers. Economists anticipate the US labour market will show more signs of cooling in the coming months.

After the ADP data, President Donald Trump prodded Federal Reserve Chairman Jerome Powell to cut interest rates.

Nvidia shares continued its gains Wednesday, along with Broadcom, helping support tech stocks. Tesla slipped 3%.

The yield on the 10-year Treasury bond fell five basis points to 4.4%. Swap traders are pricing in two Federal Reserve rate cuts before the end of 2025, with the first move in September or October, Bloomberg reported.

The US dollar weakened against major currencies. The dollar index fell 0.2% to 99.05. The pound, yen and euro rose 0.2% against the greenback.

Spot gold prices were flat near $2,641 an ounce.

International benchmark Brent oil was also flat near $65.6 per barrel.