US open: Stocks little changed as traders digest macro data
By Iain Gilbert
Date: Thursday 04 Sep 2025
(Sharecast News) - Major indices were little changed early on Thursday as traders digested an array of data points.
As of 1510 BST, the Dow Jones Industrial Average was down 0.04% at 45,253.83, while the S&P 500 advanced 0.06% to 6,452.11 and the Nasdaq Composite came out of the gate 0.02% firmer at 21,501.17.
The Dow opened 17.40 points lower on Thursday, extending modest losses recorded in the previous session as traders weighed rate cut odds and inflation signals.
Trade policy remained in focus on Thursday after Donald Trump asked the Supreme Court to fast-track a ruling on his appeal against a federal decision that deemed most of his tariffs unlawful. The administration has sought to preserve duties imposed under emergency powers, arguing they were critical to ongoing negotiations and national economic security.
However, Thursday's primary focus was on news that private sector employment rose less than expected in August, according to ADP. Employment increased by 54,000 from July, versus expectations for a 75,000 jump. Meanwhile, the July figure was revised to show that 106,000 were added, up from 104,000. Small businesses with fewer than 50 employees added 12,000 jobs, while medium businesses with between 50 and 499 employees added 25,000 jobs, and large businesses with more than 500 employees created an additional 18,000 jobs. The service sector added 42,000 jobs, while the goods-producing sector saw a 13,000 increase.
Today's ADP figures come ahead of Friday's closely watched non-farm payrolls report, which will likely shape near-term sentiment across equity and bond markets.
Elsewhere on the macro front, Americans lined up for unemployment benefits at an accelerated pace last week, according to fresh data from the Department of Labor, reflecting a softening labour market and giving weight to the Federal Reserve's rhetoric that a deteriorating jobs backdrop could warrant lower rates. Initial jobless claims rose by 8,000 to a seasonally adjusted 238,000 in the week ended 30 August, the highest number since June and firmly above consensus forecasts of a smaller increase to 230,000, while continuing claims, which track those still receiving benefits, fell for a second week, dropping to 1.94m, better than the 1.96m expected. The four-week moving average, which aims to strip out week-to-week volatility, increased to 231,000, up 2,500 from the previous print.
On another note, US-based employers announced 85,979 job cuts in August, up 39% month-on-month and 13% year-on-year for the highest level August level since the Covid-19 pandemic. So far in 2025, US firms have announced 892,362 job cuts, the highest year-to-date level since 2020. "After the impact of DOGE on the Federal Government, employers are citing economic and market factors as the driver of layoffs. We've also seen a spike in cuts due to operation or store closings and bankruptcies this year compared to last," said Andrew Challenger of Challenger, Gray & Christmas.
Moving on, the US trade deficit in goods widened by $18.7bn month-on-month to $103.6bn in July, far above expectations of $89.5bn, according to a preliminary reading from the Census Bureau. July's print marked the largest gap in four months, nearing the record-high deficit of $162bn in March as businesses front-loaded their inventory in an effort to get ahead of new US tariffs. Imports jumped 7.1% from a month earlier to $281.5bn, while exports slipped 0.1% to $178bn.
Still on data, US business activity accelerated in August, with S&P Global's composite purchasing managers index being revised down to 54.6, down from a preliminary reading of 55.4 and July's 55.1 in print. S&P's services PMI also decreased, dropping to 54.50 points in August from 55.70 points in July.
Finally, the Institute for Supply Management's services PMI rose to 52 in August, up from 50.1 in July, beating forecasts of 51 and pointing to the highest expansion in the services sector in six months. "Commentary once again was led by respondents' increasing citations of tariff impacts, with some indication that business activity and imports are being driven by an attempt to get ahead of additional price increases while preparing for the holiday peak season," said Steve Miller, chairman of the ISM Services Business Survey Committee.
In the corporate space, Broadcom, Lululemon Athletica, and DocuSign will report earnings after their close.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Walmart Inc. (WMT) $100.22 2.42%
Travelers Company Inc. (TRV) $279.83 2.37%
Nike Inc. (NKE) $75.48 1.60%
International Business Machines Corporation (CDI) (IBM) $244.59 1.28%
Verizon Communications Inc. (VZ) $44.31 1.16%
McDonald's Corp. (MCD) $318.89 0.99%
Home Depot Inc. (HD) $409.71 0.84%
Procter & Gamble Co. (PG) $159.23 0.78%
Goldman Sachs Group Inc. (GS) $736.01 0.71%
Apple Inc. (AAPL) $239.60 0.47%
Dow Jones - Fallers
Salesforce.Com Inc. (CRM) $236.09 -6.63%
Dow Chemical Co. (DOW) $23.44 -3.97%
Boeing Co. (BA) $230.26 -3.00%
Chevron Corp. (CVX) $157.91 -2.42%
Merck & Co. Inc. (MRK) $83.93 -1.81%
American Express Co. (AXP) $325.90 -1.59%
3M Co. (MMM) $152.89 -0.90%
Walt Disney Co. (DIS) $117.53 -0.63%
Unitedhealth Group Inc. (UNH) $307.08 -0.56%
Intel Corp. (INTC) $23.88 -0.50%
S&P 500 - Risers
Macy's Inc. (M) $16.36 21.31%
Nektar Therapeutics (NKTR) $33.43 17.08%
Sl Green Realty Corp. (SLG) $60.58 7.28%
Bath & Body Works, Inc. (BBWI) $31.71 7.27%
T. Rowe Price Group Inc. (TROW) $112.64 6.90%
Vornado Realty Trust (VNO) $40.31 6.29%
CenturyLink Inc. (LUMN) $5.03 5.09%
Unum Group (UNM) $73.26 4.62%
Boston Properties Inc. (BXP) $75.55 4.35%
Norwegian Cruise Line Holdings Ltd (NCLH) $25.73 4.07%
S&P 500 - Fallers
Salesforce.Com Inc. (CRM) $236.09 -6.63%
Helmerich & Payne Inc. (HP) $20.00 -5.79%
Revvity, Inc. (RVTY) $82.79 -5.79%
Texas Instruments Inc (TXN) $184.42 -5.78%
CF Industries Holdings Inc. (CF) $83.01 -5.06%
FMC Corp. (FMC) $36.72 -4.55%
LyondellBasell Industries (LYB) $53.34 -4.48%
Occidental Petroleum Corp. (OXY) $45.93 -4.41%
Eog Resources Inc. (EOG) $120.63 -4.34%
Danaher Corp. (DHR) $195.23 -4.20%
Nasdaq 100 - Risers
Amazon.Com Inc. (AMZN) $233.93 3.51%
Regeneron Pharmaceuticals Inc. (REGN) $575.99 2.16%
Meta Platforms Inc. (META) $749.53 1.69%
Mercadolibre Inc. (MELI) $2,408.00 1.47%
Vodafone Group Plc ADS (VOD) $11.87 1.45%
Western Digital Corp. (WDC) $87.19 1.38%
T-Mobile Us, Inc. (TMUS) $256.07 1.35%
Charter Communications Inc. (CHTR) $264.44 1.23%
eBay Inc. (EBAY) $91.25 1.21%
Ross Stores Inc. (ROST) $152.54 1.20%
Nasdaq 100 - Fallers
Texas Instruments Inc (TXN) $184.42 -5.78%
Qvc Group Inc Series A (QVCGA) $7.82 -4.05%
Adobe Systems Inc. (ADBE) $336.11 -3.56%
Workday, Inc. (WDAY) $227.55 -2.52%
Dollar Tree Inc (DLTR) $99.63 -2.35%
NetEase Inc. Ads (NTES) $132.32 -1.87%
J.B. Hunt Transport Services Inc. (JBHT) $142.93 -1.68%
Analog Devices Inc. (ADI) $240.62 -1.61%
Microchip Technology Inc. (MCHP) $62.27 -1.60%
Booking Holdings Inc. (BKNG) $5,494.26 -1.59%
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