Wall Street ends narrowly mixed on weak economic data
Investors were focused on tariff negotiations, with President Donald Trump and Chinese leader Xi Jinping expected to speak sometime this week.
Wednesday was President Trump's deadline for trading partners to make their best offers to keep further tariffs from taking effect in early July.
But Regan Capital's chief investment officer Skyler Weinand says a resolution to trade uncertainty could still be a ways off.
"Well, we've got about three-and-a-half years left in in this administration. We got about a year-and-a-half until the midterms. We really won't see any true resolution until one of those two at least take place, at least until the midterms. [FLASH] And China is playing a game of centuries where they are, you know... when you look at auto manufacturing for example, China spent something like $280 billion bolstering auto manufacturing. They've been playing this game for a long time of onshoring. And the United States is just getting to play this game of onshoring, and onshoring is going to take 5 to 10 years."
Early stock market gains on Wednesday evaporated later in the session as weak data for May revealed the toll President Trump's erratic trade policies have taken on the U.S. economy.
Last month, the services sector contracted for the first time in nearly a year and the ADP National Employment Report showed U.S. private employers added the fewest number of workers in more than two years.
Stocks on the move Wednesday included Tesla, which fell 3.5% as the electric-vehicle maker's sales dropped for the fifth straight month in big European markets.
Shares of Meta Platforms jumped more than 3% after JPMorgan raised its price target on the stock.
And shares of Hewlett Packard Enterprise rose after the company reported second-quarter revenue and profit that beat estimates, driven by demand for its artificial-intelligence servers and hybrid cloud segment.
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Silicon Valley Startup Tensor Unveils $200K Luxury Robocar With 37 Cameras And Zero-Cloud Privacy For 2026 Launch
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