Wall Street's early optimism faded quickly on June 4 after the latest ADP jobs report painted a bleak picture of the U.S. labor market. The private sector added just 37,000 jobs in May—far below the 110,000 expected and the slowest monthly gain in over two years. The data not only undershot April's revised figure of 60,000 but also triggered a reassessment of economic momentum, pressuring all major indices to hover near the flatline in early trade.

The disappointing report has increased focus on Friday’s U.S. non-farm payrolls data, now seen as a pivotal point for the Federal Reserve’s next policy move. Market consensus currently expects 125,000 new jobs in May, but that estimate could be revised downward in light of ADP’s miss. Former U.S. President Donald Trump quickly took to social media, urging Fed Chair Jerome Powell to act swiftly on rate cuts, saying, "Too Late Powell."

Despite the macro gloom, the tech sector remained firm. Nvidia rose 0.5% after a 3% surge the previous day that temporarily made it the world’s most valuable public company, overtaking Microsoft. Broadcom, Meta, and Alphabet also posted early gains, continuing the momentum from a four-day rally driven by easing trade tensions and strong megacap earnings.

Outside the U.S., South Korea grabbed attention as the iShares MSCI South Korea ETF (EWY) jumped over 2.5% following a decisive presidential election result. Meanwhile, new U.S. tariffs on steel and aluminum—doubling duties to 50%—kicked in, underscoring a hardline trade stance from Trump amid a global supply glut.