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Trump says Fed ‘must now’ lower rates after ADP payrolls report: Morning Buzz

The major averages were fractionally higher near noon as investors are focused on jobless claims and the May employment report coming soon. Meanwhile, ADP announced private payrolls increased a lean 37,000 in May, less than the downwardly revised 60,000 in April and falling short of the 110,000 that economists polled by Dow Jones had anticipated. Following the report, President Trump repeated his view that the Fed “must” lower rates “now.” The president also posted on social media that China’s Xi Jinping is “very tough” to make a trade deal with.

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Looking to commodities, gold prices are inching higher, hovering around $3,400. Oil prices are lower, however, following yesterday’s API crude inventories report and after Bloomberg reported that Saudi Arabia wants OPEC+ to enact larger oil supply hikes.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

2. WALL STREET CALLS:

3. AROUND THE WEB:

  • As Tesla (TSLA) CEO Elon Musk touts robotaxis in Austin, federal regulators are investigating whether the system is dangerous even with a human behind the wheel, Bloomberg reports
  • Walmart (WMT) counted 2.165M staff worldwide at the end of last year, which is 70,000 fewer than five years ago, FT says
  • Citi (C) has scrapped a policy curbing its dealings with companies selling firearms, FT reports
  • A majority of Warner Bros. Discovery (WBD) investors voted against the 2024 pay packages of CEO David Zaslav and other top executives at the media company’s annual stockholder meeting, Reuters reports
  • BlackRock (BLK) has been removed from a blacklist of companies banned from receiving investment funds from Texas, FT says

4. MOVERS:

5. EARNINGS/GUIDANCE:

INDEXES:

Near midday, the Dow was up 0.10%, or 41.15, to 42,560.79, the Nasdaq was up 0.26%, or 50.77, to 19,449.73 and the S&P 500 was up 0.17%, or 10.44, to 5,980.81.

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