Trump Trade: Trump says Fed ‘must now’ lower rates after jobs report

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly:

JOBS REPORT: U.S. ADP announced private payrolls increased a lean 37k in May, much weaker than forecast, after the 60k (was 62k) gain in April. It is the smallest gain since March 2023. The goods producing sector declined -2k, while service sector jobs added 36k. Professional and business services shed -17k workers, with a -13k drop in education and health services. Leisure, hospitality added 38k, while financial activity rose 20k, and construction jobs increased 6k. Jobs at medium sized companies rose 49k, while declined -13k at small firms and -3k at large firms.

President Donald Trump said via Truth Social, “ADP NUMBER OUT!!! ‘Too Late’ Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!”

EXTREMELY HARD: President Trump said on Truth Social, “I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!”

“OUTRAGEOUS” BILL: Elon Musk, the CEO of Tesla (TSLA) and former head of a government-efficiency initiative dubbed DOGE, stated in a post to X, “I’m sorry, but I just can’t stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it.”

MEDICAID CUTS: President Donald Trump originally resisted cutting funds for Medicaid, until his budget director Russell Vought convinced the president reductions to health coverage were weeding out fraud and abuse, Nancy Cook of Bloomberg reports. Trump has adopted this rhetoric and has declared his bill contains “no cuts” to the social safety program, even as the Congressional Budget Office estimates at least 7.6M will become uninsured if the bill goes into effect. The Medicaid cuts of about $723B represent a major bill payer as Republicans look to counter the effects of tariffs. Publicly traded companies in the healthcare space include CVS Health (CVS), Centene (CNC), Cigna (CI), Elevance Health (ELV), Humana (HUM), Molina Healthcare (MOH) and UnitedHealth (UNH).