Markets Shrug Off Weak Jobs Data as Traders Keep Chasing Green

Wall Street's relentless optimism bulldozes through another lukewarm ADP report—because who needs fundamentals when momentum's your co-pilot?

Dow, S&P 500, and Nasdaq all creep upward like zombies on espresso, proving yet again that bad news just means more Fed put fantasies. Pension funds and algos high-five while Main Street eats ramen.

Bonus cynicism: Nothing fuels a rally like the sweet smell of other people's unemployment.

ADP jobs data disappoints

The latest labor market signal came from ADP, the payrolls processing firm. Its report showed private-sector payrolls increased by just 37,000 in May, down from 60,000 in April and well below the forecast of 110,000. The figure marks the slowest monthly job growth since March 2023.

The ADP miss shifts focus to Friday’s nonfarm payrolls report, which is expected to show an increase of 125,000 jobs in May. Investors will likely weigh all recent economic data closely as they recalibrate both short- and long-term outlooks.

As stocks opened higher, Bitcoin (BTC) also looked to hold above $105k. Meanwhile, gold hovered around $3,382.

Tariffs and interest rates remain a key focus for investors, with the U.S.-China trade talks are one to watch. On the Federal Reserve’s interest rates policy, President Donald TRUMP is once again showing his disappointment in Fed Chair Jerome Powell.

In comments after the ADP data, Trump posted on Truth Social:

“ADP NUMBER OUT. ‘Too Late’ Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!”