NEW YORK: Wall Street stocks rose early Wednesday, shrugging off weak employment data as a top Trump administration official hinted at moderation in hardline trade actions.
US private sector employment grew by 77,000 jobs last month, according to payroll firm ADP, well below estimates and a figure that adds to worry about an economic slowdown.
Meanwhile, US Commerce Secretary Howard Lutnick said on Bloomberg Television that Trump’s 25 percent tariffs on Mexico and Canada could be adjusted to exempt some sectors, including potentially autos.
Nasdaq on course to confirm correction as trade war worries weigh
About 20 minutes into trading, the Dow Jones Industrial Average was up 0.4 percent at 42,672.69.
The broad-based S&P 500 added 0.2 percent at 5,787.79, while the tech-rich Nasdaq Composite Index edged up less than 0.1 percent to 18,291.80.
Stocks have been pulling back in recent sessions amid weaker economic data as the Trump administration presses on with an “America First” agenda based around tariffs.
But analysts have said the market could be poised for a bounce after recent losses.
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