U.S. stocks ended mixed on Wednesday, with the benchmark S&P 500 flat, the technology-heavy Nasdaq Composite slightly up and the Dow Jones Industrial Average down as weak data revealed the economic toll taken by President Donald Trump's trade policies.

Market Snapshot

The Dow Jones Industrial Average fell 91.90 points, or 0.22%, to 42,427.74, the S&P 500 gained 0.44 points, or 0.01%, to 5,970.81 and the Nasdaq Composite gained 61.53 points, or 0.32%, to 19,460.49.

Market Movers

Tesla - Tesla fell 3.6% following weak sales data in China and Germanyfor the electric-vehicle maker and a public disagreement between CEO Elon Musk and President Donald Trump.

CoreWeave - CoreWeave shares jumped 8.4% on Wednesday after the cloud computing firm reported record-breaking performance results using Nvidia's latest Grace Blackwell chips. The shares surged more than 25% on Tuesday.

Nvidia, Microsoft - Nvidia rose 0.5% to $141.92. The stock gained 2.9% on Tuesday and the leading maker of artificial-intelligence chips topped Microsoft as thelargest U.S. company by market capitalizationas of the close of trading. Microsoft rose 0.2% on Wednesday but did not regain the top spot.

Broadcom - Broadcom was up 1.7% at $261.08. Shares of the semiconductor and software company rose 3.3% on Tuesday to a record closing high of $256.85. Broadcom is scheduled to report fiscal second-quarter earnings on Thursday. Citi Research’s Christopher Danelyraised his price target on Broadcomto $275 from $210 and reiterated a Buy rating, citing strong demand for AI processors.

Wells Fargo - Shares of Wells Fargo dropped 0.4% after rising earlier in the session. The Federal Reserve lifted the growth restriction it imposed on the country’s third-largest bank following a fake-accounts scandal that surfaced in 2016. The Federal Reserve Board of Governors voted to remove the restriction that had capped the bank’s assets at just under $2 trillion.

Apple - Apple was downgraded to Hold from Buyat Needham. Analyst Laura Martin also removed her price target of $225, noting its premium valuation looks undeserved as it faces threats to its revenue and earnings growth. Apple stock dipped 0.2% to $202.82.

CrowdStrike - CrowdStrike Holdings reported first-quarter adjusted earnings that topped Wall Street consensus but revenue in the period of $1.1 billion, up 20% from a year earlier, missed expectations of $1.11 billion. The quarter included general and administrative costs of $38.7 million related to awidespread software outagelast July. CrowdStrike said it expects second-quarter adjusted profit of 82 cents to 84 cents a share, better than estimates of 81 cents, on revenue of $1.14 billion to $1.15 billion, below forecasts of $1.16 billion. Shares of the cybersecurity company were down 5.8%.

Dollar Tree - Dollar Tree reported first-quarter adjusted earnings of $1.26 a share, beating Wall Street forecasts of $1.21 as net sales of $4.6 billion also topped consensus. The discount retailer posted same-store sales growth of 5.4%. Dollar Tree raised its fiscal-year adjusted earnings forecast to $5.15 to $5.65 a share from $5 to $5.50. The company said its outlook “assumes that we will be able to mitigate most of the incremental margin pressure from higher tariffs and other input costs.” Shares fell 8.4%.

Hewlett Packard Enterprise - Hewlett Packard Enterprise rose 0.9% after the company reported better-than-expected second-quarter earnings and revenue, though profit margins remained under pressure in its server segment, its most important business. Server revenue in the second quarter was $4.06 billion, topping analysts’ expectations of $3.98 billion. However, operating profit margins of 5.9% were down from 11% a year earlier.

STMicroelectronics - Shares of Tesla and Apple supplier STMicroelectronics surged 10.7% on Wednesday after its chief executive said the company would hit guidance for the current quarter as demand for its semiconductors is picking up.

Guidewire - Insurance-software provider Guidewire Software raised its fiscal-year revenue outlook to about $1.18 billion to $1.19 billion, up from its prior forecast of about $1.16 billion and $1.17 billion. Guidewire posted fiscal third-quarter adjusted earnings that beat analysts’ expectations as revenue rose 22% to $293.5 million on higher subscription and support sales. Shares jumped 16.4%.

ON Semiconductor - ON Semiconductor rose 6.1% and was the top-performing stock in the S&P 500 on Wednesday. The shares rose 11% on Tuesday after CEO Hassan El-Khoury told a tech conference that On Semi has begun seeing signs of a demand recovery, particularly in the industrial market, the company’s second-largest market.

Asana - Asana fell 20.5%. The work management software company said it expects fiscal second-quarter adjusted earnings of between 4 cents and 5 cents a share, on revenue of between $192 million and $194 million. Analysts have been expecting profit of 4 cents a share in the period on revenue of $193 million.

Lumentum - Lumentum Holdings rose 3.4%. The optical-components maker raised its fiscal fourth-quarter adjusted earnings guidance to between 78 cents and 85 cents a share, up from a prior forecast of 70 cents to 80 cents. It also boosted its revenue outlook to $465 million to $475 million.

HealthEquity - HealthEquity, the custodian for health-savings accounts, rose 9% after boosting its fiscal-year adjusted earnings and revenue guidance. The company said HSAs, as of April 30, were 9.9 million, up 9% from a year earlier, while total HSA assets rose 15% to $31.3 billion.

Market News

Private Sector Hiring Rose by Just 37,000 in May, the Lowest in More Than Two Years, ADP Says

Private sector job creation slowed to a near standstill in May, hitting its lowest level in more than two years as signs emerged of a weakening labor market, payrolls processing firm ADP reported Wednesday.

Payrolls increased just 37,000 for the month, below the downwardly revised 60,000 in April and the Dow Jones forecast for 110,000. It was the lowest monthly job total from the ADP count since March 2023.

The report comes two days before the more closely watched nonfarm payrolls count from the Bureau of Labor Statistics, which is expected to show a gain of 125,000 and the unemployment rate steady at 4.2%.

Trump Says Fed's Powell Must Lower Interest Rate

U.S. President Donald Trump on Wednesday redoubled his calls for Federal Reserve Chair Jerome Powell to lower interest rates, noting that payroll processing firm ADP reported that job creation slowed in May.

"ADP number out. 'Too Late' Powell must now lower the rate. He is unbelievable. Europe has lowered nine times," Trump said in a Truth Social post.