Labor Pains Without The Epidural

Summary

• Wall Street spent Wednesday wrapped in a shawl of soft data and political shouting, unsure whether to brace for frost or flirt with summer.
• May’s ADP report landed with the grace of a brick in a birdbath: just 37,000 private payrolls, a miss of 93,000 and the weakest showing since March 2023.
• The ISM Services index joined ADP in the cooling chorus, slipping back into contraction for the first time in almost a year.
• The S&P kept its chin up, managing a third straight gain and up nearly 20% since April’s Liberation Day low.

primeimages/E+ via Getty Images

Wall Street spent Wednesday wrapped in a shawl of soft data and political shouting, unsure whether to brace for frost or flirt with summer. The market didn’t rally, didn’t retreat - just stood there, sniffling. Providing the soundtrack: President Trump’s latest ballad, “Too Late