The S&P 500 closed mostly muted on Wednesday, the Nasdaq added 0.3% while the Dow lost almost 92 points, breaking a four-day winning streak. The market struggled for momentum as investors digested a steep slowdown in private-sector hiring, with the ADP report showing just 37K new jobs in May, well below expectations and the lowest in over two years. The data cast a shadow over the upcoming nonfarm payrolls report, raising fears that trade policy uncertainty is weighing on the labor market. Services sector activity also contracted in May, further fueling concerns about the broader economic outlook. Meanwhile, President Trump doubled tariffs on steel and aluminum imports to 50% and lashed out at Fed Chair Powell, renewing pressure for interest rate cuts. Hopes for a US-China trade resolution dimmed as Trump called Xi Jinping “extremely hard to deal with,” underscoring the fragile nature of current negotiations.