US stocks ticked higher Wednesday to hit another record.
- The S&P 500 rose 29.41 points, or 0.5%, to 6,227.42 and set an all-time high for the third time in four days.
- The Dow Jones Industrial Average fell 10.52 points, or less than 0.1%, to 44,484.42.
- The Nasdaq composite rose 190.24 points, or 0.9%, to 20,393.13.
Tesla rallied following its
latest update on deliveries, while Nike and other companies that import a lot from Vietnam rose after President Trump announced a
trade deal with the country. Nike, which produces around half its footwear in Vietnam, rose 4.1%. Shorter-term Treasury yields held steady ahead of a highly anticipated report coming on Thursday about the strength of the US job market.
A stunningly weak report released Wednesday morning, though, raised worries that Thursday's report may fall short. The data from ADP suggested that US employers outside the government cut 33,000 jobs from their payrolls last month, when economists were expecting to see growth of 115,000 jobs. The ADP report does not have a perfect track record predicting what the US government's more comprehensive jobs report will say each month. That preserves some hope that Thursday's data could be more encouraging. But a fear has been that uncertainty around Trump's tariffs could cause employers to freeze their hiring.
Tesla rose 5% after the electric-vehicle company reported a drop in sales that wasn't as steep as analysts had expected. Constellation Brands climbed 4.5% despite reporting a weaker profit for the latest quarter than analysts expected. The seller of Modelo beer and Robert Mondavi wine said that growth in jobs slowed during the quarter for the construction industry and other "4000 calorie+" sectors, which tends to hurt demand for its beer. But it nevertheless stuck with its financial forecasts for the full upcoming year. Centene tumbled 40.4% after the health care company withdrew its forecasts for profit this year. That followed an initial look at some data suggesting sickness trends in many of the states where Centene does business are worse than expected.