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Wire

Automatic Data Processing Unlikely to See Valuation Lift Despite AWS Deal, UBS Says

Automatic Data Processing (ADP) is unlikely to see a meaningful valuation boost from its expanded cloud partnership with Amazon.com's (AMZN) Amazon Web Services, as macro and industry concerns continue to weigh on the human-resources software sector, UBS Securities said Tuesday in a report.ADP and AWS broadened their collaboration to move more of ADP's core payroll and tax systems onto AWS, including upgrades to its AI-driven tools and data platform. UBS said the initiative is strategically useful, though not enough to shift investor sentiment.Labor-market indicators point to low churn, with muted hiring and separations, UBS said. The firm continues to prefer Paycom Software (PAYC) on product-driven share gains and stronger capital return.UBS rates ADP stock neutral with a $290 price target.ADP shares fell 0.9% in Wednesday trading, Amazon dropped 2.1%, and Paycom declined 1.1%.Price: $265.66, Change: $-2.31, Percent Change: -0.86%

$ADP$AMZN$PAYC
Wire

Automatic Data Processing Expands Partnership With Amazon Web Services

Automatic Data Processing (ADP) and Amazon.com's (AMZN) Amazon Web Services have expanded a partnership agreement to embed artificial intelligence features into ADP's payroll and human resources software, the companies said Tuesday.The companies said the collaboration centers on AWS modernizing ADP's cloud infrastructure and accelerating the secure deployment of AI tools. They also said the focus of the partnership includes expanding ADP Assist to automate routine human resources and payroll tasks, integrating generative AI into ADP Lyric HCM, and organizing ADP's workforce dataset on AWS.Financial terms were not disclosed.Price: $270.61, Change: $-7.01, Percent Change: -2.53%

$ADP$AMZN
August Payrolls Surpass Forecasts, Boosting September Rate Hike Bets
US Markets

August Payrolls Surpass Forecasts, Boosting September Rate Hike Bets

The US economy added almost triple the jobs expected by Wall Street in August, boosting expectations for an interest rate hike by the Federal Reserve as early as later this month.Total nonfarm payrolls rose by 162,000 last month, the Bureau of Labor Statistics said Friday, compared with a 55,000 increase projected in a Bloomberg-compiled survey. July's tally was revised to show a gain of 21,000 from a 23,000 fall, while June's increase was adjusted upward by 11,000."This is the strongest pace of job expansion in five months, punctuated by also being three times greater than expected and the positive upward revisions to prior months," said Thomas Feltmate, senior economist at TD Economics. "On balance, we like the breadth and depth of this jobs report. Markets have taken note too."Markets are now pricing in a 60% probability that the Federal Open Market Committee will raise its benchmark lending rate by 25 basis points on Sept. 16, up from 49% on Thursday, according to the CME FedWatch tool.US President Donald Trump hailed the strong jobs report and called for an interest rate cut."The Fed board, with its great new leader, must get smart," Trump said in a social media post, referring to new Chair Kevin Warsh. "High interest rates put the USA at a very unfair disadvantage, and I won't allow that to happen."Trump threatened to cut off trade with countries with which the US has a deficit, unless the Fed reduced interest rates.Warsh described the labor market as "quite stable" a week ago, citing a 4.1% unemployment rate that he said remained low by historical standards. Warsh and other Fed policymakers appear to be focused more on the price stability side of the dual mandate, given that inflation continues to run well above the 2% target.The unemployment rate held steady at 4.1%, as expected, BLS data showed. Private payrolls increased by 127,000 in August, more than double the projected gain of 50,000. The print follows growth of 71,000 in July.Upward job revisions over the past two months "nearly wipe away the narrative of labor market deterioration over the summer," BMO Chief US Economist Scott Anderson wrote in a note."The (latest jobs) report adds important weight to the hawks' argument that inflation may not moderate back toward the Fed's 2% target in a timely manner without at least a nudge up in interest rates to help cool aggregate demand," Anderson said.Payrolls processing firm ADP (ADP) said Wednesday that private sector employment grew at its slowest pace in seven months in August. On Thursday, outplacement firm Challenger, Gray & Christmas said US job cut announcements in August hit the lowest total for the month in four years.On Thursday, Fed Governor Christopher Waller said he would support keeping interest rates steady if further signs of disinflation emerge, though he seemed willing to tighten monetary policy if price pressures intensify. He said his vote will be "heavily influenced" by August inflation data.The August consumer price index report is scheduled for release on Sept. 11, ahead of the FOMC's Sept. 15-16 policy meeting."The August employment report was stronger than expected, but not enough to cause us to change our call for the (Fed) to remain on hold," Oxford Economics Lead US Economist Nancy Vanden Houten said in a note e-mailed to. "However, the bar for raising rates is probably lower if the Fed doesn't see progress on inflation."Price: $278.73, Change: $-4.80, Percent Change: -1.69%

$ADP
Layoffs Reach Lowest August Tally Since 2022, Challenger Report Shows
US Markets

Layoffs Reach Lowest August Tally Since 2022, Challenger Report Shows

US job cut announcements in August hit the lowest total for the month in four years, Challenger, Gray & Christmas said Thursday, ahead of the official jobs report due Friday.Employers announced 52,881 layoffs last month, down 38% from a year earlier and representing the lowest August level since 2022, according to the outplacement firm Challenger, Gray. Sequentially, job cuts increased 58% in August. Employers announced plans to hire 12,325 workers last month, down 23% month on month, but up 725% from a year earlier and marking the highest August total since 2022, the report showed."This is the quietest August since 2022, but is generally on average for the month since the mid-2010s," Andy Challenger, the firm's chief revenue officer, said in a statement. "What we'd like to see with low layoffs is an increase in hiring activity."Official data are likely to show Friday that the US economy added 55,000 nonfarm jobs in August, compared with a loss of 23,000 reported for the previous month, according to a Bloomberg poll. The unemployment rate seen holding at 4.1%.Consumer product companies announced 10,057 job cuts in August, its heaviest month for 2026, led by Procter & Gamble (PG) and Estee Lauder (EL), the Challenger report showed Thursday. Technology companies announced 6,103 cuts, its lowest monthly total for the year."While companies are making plans to hire more workers than last year, according to our numbers, it doesn't appear those positions are being filled quickly," Andy Challenger said.Separately, government data showed Thursday that initial jobless claims rose by 2,000 to 206,000 in the week through Aug. 29 from the previous week's average that was adjusted upwards by 1,000. The consensus was for a 205,000 print in a Bloomberg poll. Seasonally adjusted continuing claims reached about 1.78 million for the week ended Aug. 22, in line with Wall Street's projections."The data leaves intact our view that the labor market is broadly in balance, with both the demand and supply of workers relatively soft, while layoffs remain low," Oxford Economics Associate US Economist Sara Godfrey said in remarks e-mailed to. "The subdued pace of jobless claims aligns with other data on job cut announcements by Challenger, Gray & Christmas."On Wednesday, ADP (ADP) data showed US private sector employment grew at its slowest pace in seven months in August.Last week, Federal Reserve Chair Kevin Warsh described the labor market as "quite stable," citing a 4.1% unemployment rate that he said remains low by historical standards.Price: $147.86, Change: $+0.22, Percent Change: +0.15%

$ADP$EL$PG
Update: Equities Rise Intraday as Yield Rally Fades
US Markets

Update: Equities Rise Intraday as Yield Rally Fades

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday as a rally in Treasury yields lost steam, while commodity traders continued to track developments in the US-Iran conflict.The S&P 500 was up 0.4% at 7,661.4 after midday Wednesday. The Dow Jones Industrial Average and the Nasdaq Composite gained 0.3% each to 52,947.5 and 26,182.3, respectively. The indexes finished Tuesday trading in the red for the third consecutive session.Most sectors were in the green intraday, led by materials, while real estate saw the steepest decline.Treasury yields were little changed intraday, with the two-year yield at 4.39% and the 10-year yield at 4.79%. Earlier Wednesday, the 10-year rate hit 4.818%, its highest level since November 2023, CNBC reported."While easing slightly after hitting multi-year peaks, yields remain elevated," Stifel said in a note on Wednesday.Iran has expanded the number of vessels it says must not sail through the Strait of Hormuz, Reuters reported Wednesday.The US Central Command said Tuesday that its forces completed a wave of strikes against Iranian military targets. Iran reportedly launched retaliatory attacks on Kuwait, Jordan and Bahrain.West Texas Intermediate crude oil was up 1.1% at $91.17 a barrel intraday Wednesday, while Brent advanced 1.2% to $95.81.In company news, shares of Dell Technologies (DELL) were up 9.2% intraday, the best performer on the S&P 500, after the company's fiscal second-quarter results beat Wall Street's estimates.Palo Alto Networks (PANW) slumped nearly 11%, the steepest decline on the S&P 500, as the cybersecurity firm's fiscal fourth-quarter adjusted gross margin declined year over year.Brown-Forman (BF.A, BF.B) reiterated its guidance for fiscal 2027 organic sales on Wednesday as it flagged continuing consumer headwinds that drove weaker-than-expected first-quarter top-line. The company's class A and B shares were up 3.2% and 3.4%, respectively.Broadcom (AVGO), Snowflake (SNOW), Hewlett Packard Enterprise (HPE) and Five Below (FIVE) are scheduled to release their quarterly results after markets close Wednesday.In economic news, US private sector employment grew at its slowest pace in seven months in August, ADP (ADP) data showed, ahead of the official jobs report due on Friday.Data from the Bureau of Labor Statistics are likely to show Friday that the US economy added 55,000 nonfarm jobs last month, compared with a drop of 23,000 for July, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.1%.Spot gold rose 0.9% to $4,368.15 per troy ounce, while silver edged up 0.1% to $65.44 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADP$AVGO$BF.A$BF.B$DELL$FIVE$HPE$PANW$SNOW
August Private Sector Hiring Posts Slowest Growth Pace Since January, ADP Says
US Markets

August Private Sector Hiring Posts Slowest Growth Pace Since January, ADP Says

Private sector employment grew at its slowest pace in seven months in August, ADP (ADP) data showed Wednesday, ahead of the official jobs report due later in the week.Private jobs advanced by 38,000 last month, representing the smallest gain since January, payrolls processing firm ADP said. The consensus was for a 47,000 increase in a Bloomberg-compiled survey.The number of jobs added in July was revised up to 46,000 from 44,000, according to the ADP report."The acceleration in payroll gains in the first half of the year looks to have cooled, settling into a more tepid pattern associated with the no hire, no fire labor market," Oxford Economics Senior Economist Matthew Martin said in remarks emailed to.The services sector added 48,000 jobs last month, led by a 45,000 jump in education and health services, ADP said. The goods-producing sector saw employment drop by 10,000 jobs.Data from the Bureau of Labor Statistics are likely to show Friday that the US economy added 55,000 nonfarm jobs last month, compared with a loss of 23,000 for July, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.1%.Federal Reserve Chair Kevin Warsh described the labor market as "quite stable" on Friday, citing a 4.1% unemployment rate that he said remains low by historical standards.Gross pay growth was unchanged in August at 4.4% for job stayers and slowed sequentially to 7.3% from 7.5% for job changers, ADP said. Gross pay measures total compensation generated by labor market activity, a data set that can be used to assess income growth and consumer spending power, according to ADP."Pay can tell us a lot about today's choppy hiring," ADP Chief Economist Nela Richardson said. "To understand hiring patterns, you have to look deeply into where pay growth is accelerating, where it's slowing, and for whom."On Tuesday, the BLS reported that job openings increased in July, while hiring fell.Price: $280.65, Change: $-2.84, Percent Change: -1.00%

$ADP
July Job Openings Tick Higher, Hiring Drops
US Markets

July Job Openings Tick Higher, Hiring Drops

US job openings increased in July, while hiring fell, official data showed Tuesday as markets await a key employment report due out later in the week.Vacancies rose to about 7.27 million in July from a downwardly revised print of 7.18 million the month before, according to the Bureau of Labor Statistics' job openings and labor turnover survey, or JOLTS. The consensus was for a 7.31 million level in a survey compiled by Bloomberg.Private job openings increased to 6.46 million in July from 6.42 million in June. Vacancies rose by 79,000 in manufacturing, and 52,000 in private education and health services, according to BLS data.Hiring decreased to 5.05 million in July from 5.33 million the month prior, while the hiring rate dropped to 3.2% from 3.4%. Separations declined to 5.07 million from 5.34 million, while layoffs fell to 1.67 million from 1.79 million."The July JOLTS report reinforced the story of a no-hire, no-fire labor market," Oxford Economics Lead US Economist Nancy Vanden Houten said in remarks e-mailed to. "Still, labor market conditions are balanced because weak hiring is being matched by fewer workers seeking jobs."Official data are expected to show Friday that US economy added 55,000 nonfarm jobs in August, according to a Bloomberg-polled consensus. Employment unexpectedly fell in July amid a marked decline in government payrolls.Last week, Federal Reserve Chair Kevin Warsh described the labor market as "quite stable," citing a 4.1% unemployment rate that he said remains low by historical standards.The ADP (ADP) employment report for August is scheduled for Wednesday, while the Challenger, Gray & Christmas job cut report for last month is slated for a Thursday release.Price: $283.82, Change: $-2.34, Percent Change: -0.82%

$ADP
Layoff Announcements Hit Lowest in Two Years, Report Shows
US Markets

Layoff Announcements Hit Lowest in Two Years, Report Shows

US job cuts hit a two-year low in July even as downsizing in the technology sector continued, Challenger Gray & Christmas said Thursday.Employers in the world's largest economy announced 33,429 layoffs last month, the lowest monthly total since July 2024," the outplacement firm said. That's down 46% year over year and 27% lower compared with cuts announced in June, it said."The pace of layoffs fell dramatically this summer," said Andy Challenger, the firm's chief revenue officer. "Layoff plans continue to be announced primarily in tech, and artificial intelligence is still the story, as investments in the technology reshape organizations."Tech companies announced 9,867 job cuts in July, bringing the sector's 2026 total to 149,023. That's 67% higher compared with the tally for the same seven-month period last year, according to the outplacement firm.Last month, Microsoft (MSFT) said it was planning to cut about 2.1% of its global workforce, or about 4,800 roles."Tech remains the center of gravity for this year's cuts, and AI is still the reason companies give," said Andy Challenger.The Federal Reserve said late in July that "job gains have kept pace with the workforce, and the unemployment rate has changed little." At the time, the Federal Open Market Committee maintained its policy rate for the fifth consecutive time."Labor market conditions have improved substantially since the middle of 2025, adding further evidence that the slowdown in job growth that we saw last year was due to the combined effects of lower immigration flows and tariff-driven uncertainty," Jefferies Chief US Economist Thomas Simons said in a report e-mailed to.Data from the Bureau of Labor Statistics are likely to show Friday that the US economy added 80,000 nonfarm jobs last month, compared with a 57,000 increase reported for June, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.2%.Separately, government data on Thursday showed that initial jobless claims rose by 1,000 to 199,000 for the week through Aug. 1 from the previous week's average that was adjusted upward by 1,000. The consensus was for a 205,000 print in a Bloomberg poll. Seasonally adjusted continuing claims reached 1.80 million for the week ended July 25, while Wall Street projected 1.79 million.On Wednesday, ADP (ADP) data showed US private-sector employment increased less than expected last month as the gains were concentrated in just services.Price: $497.36, Change: $+9.90, Percent Change: +2.03%

$ADP$MSFT
Stocks Mostly Up Pre-Bell as Investors Weigh Potential Iran-Oman Hormuz Deal, Await More Earnings
US Markets

Stocks Mostly Up Pre-Bell as Investors Weigh Potential Iran-Oman Hormuz Deal, Await More Earnings

US equity markets were mostly pointing higher before the opening bell Thursday as investors assess prospects for a potential deal between Iran and Oman over the Strait of Hormuz and await the latest batch of corporate earnings.The S&P 500 edged up 0.1% and the Dow Jones Industrial Average rose 0.2% in premarket activity, while the Nasdaq declined 0.3%. The Nasdaq and S&P 500 finished the previous trading session lower, while the Dow logged a fresh closing high for a third straight day.Iranian Deputy Foreign Minister Kazem Gharibabadi reportedly said Thursday that an "understanding" between Iran and Oman regarding the Strait of Hormuz is close to being finalized, CNBC reported. Gharibabadi noted that the path of understanding is between the two countries and no negotiations have taken place with the US during this period.Earlier in the week, President Donald Trump reportedly said an agreement to reopen the strait, the world's most important chokepoint for crude flows, was imminent.West Texas Intermediate crude oil dipped 0.1% to $75.16 a barrel before the open, while Brent was slightly in the green at $79.47.ConocoPhillips (COP), Parker Hannifin (PH), Datadog (DDOG), Warner Bros. Discovery (WBD), Becton Dickinson (BDX), Keurig Dr Pepper (KDP), Kenvue (KVUE), Restaurant Brands International (QSR), Fiserv (FISV), Ralph Lauren (RL), Fox (FOX, FOXA), US Foods (USFD) and Unity Software (U) report their latest financial results before the bell, among others.Cloudflare (NET), Monster Beverage (MNST) and Airbnb (ABNB) are scheduled to post their earnings after the markets close.Shares of Applovin (APP) dropped 16% pre-bell after the mobile technology provider's second-quarter revenue fell short of market estimates. DoorDash (DASH) gained 2.4% as the company delivered a second-quarter revenue beat amid order momentum. SanDisk (SNDK) fell 8.9% following its latest quarterly results.Employers in the US announced 33,429 layoffs in July, down 27% from the month prior and 46% year over year, according to Challenger, Gray & Christmas' latest report. The weekly jobless claims bulletin is out at 8:30 am ET.On Wednesday, ADP (ADP) data showed that private-sector employment in the US increased less than expected last month as gains were concentrated in services. The government's nonfarm payrolls report for July is due on Friday.Treasury yields were trending higher in premarket action, with the two-year rate inclining 2.1 basis points to 4.2% and the 10-year rate adding 1 basis point to 4.63%.Federal Reserve Bank of St. Louis President Alberto Musalem is slated to speak at 5:30 pm.Gold traded up 0.5% at $4,328 per troy ounce, while bitcoin decreased 0.4% to $64,606.

Dow JonesNasdaq CompositeS&P 500$ABNB$ADP$APP$BDX$COP$DASH$DDOG$FISV$FOX$FOXA$KDP$KVUE$MNST$NET$PH$QSR$RL$SNDK$U$USFD$WBD
Update: Dow Hits New High, S&P 500 Retreats as Traders Await Hormuz Deal
US Markets

Update: Dow Hits New High, S&P 500 Retreats as Traders Await Hormuz Deal

(Updates with market moves at the end of the day, and other changes, if any.)The Dow Jones Industrial Average reached a new peak on Wednesday amid hopes for a deal to reopen the Strait of Hormuz, while the S&P 500 pulled back from a record high.The Dow rose 0.5% to 54,349.12, notching a closing high for a third straight day. The S&P 500 edged down 0.2% to 7,723.55. The Nasdaq Composite fell 0.8% to 26,363.44, snapping a four-day winning streak.Among sectors, materials paced the gainers, while communication services saw the steepest decline.The US, Iran and Oman are moving toward an interim deal to reopen the Strait of Hormuz, with Washington looking at a Wednesday announcement, Axios reported, citing two regional sources and a US official.US President Donald Trump reportedly said late Tuesday that an agreement to reopen the strait, the world's most important chokepoint for crude flows, was imminent."There are suggestions that a deal could be announced as soon as today, although reports that any agreement would be temporary suggest that the market would be wise not to get too carried away," ING Bank said Wednesday in report.Meanwhile, Yemen's Iran-aligned Houthis claimed an attack on a Saudi Arabian tanker near the coast of Yanbu, a major port for Saudi crude oil exports, according to a CNBC report.West Texas Intermediate crude oil dropped 0.8% to $75.15 a barrel in Wednesday late-afternoon trade, while Brent edged down 0.1% to $79.32.Treasury yields were lower, with the two-year rate down 1.1 basis points at 4.18% at the 10-year rate falling 1.2 basis points to 4.62%.Walt Disney's (DIS) fiscal third-quarter earnings rose above Wall Street's estimates even as revenue fell short of expectations despite a boost from "Toy Story 5." The stock rose 3.7%, the second-best performer on the Dow.Uber Technologies (UBER) declined 5.3% after the ride-hailing company's second-quarter revenue missed market estimates and it provided a soft third-quarter bookings guidance.Shares of SpaceX (SPCX) slumped nearly 14% after the rocket and satellite company late Tuesday reported quarterly results for the first time since going public. The company's capital expenditures surged to $18.37 billion in the second quarter from $2.83 billion a year ago.Advanced Micro Devices (AMD) slumped 7% even though it recorded fiscal second-quarter results above market estimates.In economic news, US private-sector employment increased less than expected in July as gains were concentrated in just services, ADP (ADP) data showed Wednesday, ahead of the official nonfarm payrolls report for the month due later in the week.Bureau of Labor Statistics data scheduled for Friday release are likely to show that the US economy added 88,000 nonfarm jobs last month, compared with a 57,000 increase reported for June, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.2%.The US services sector's expansion continued in July amid strong demand despite continued inflationary pressures, surveys by the Institute for Supply Management and S&P Global (SPGI) showed.Spot gold jumped 4.2% to $4,247.65 per troy ounce, while silver advanced 3.4% to $62.31 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADP$AMD$DIS$SPCX$SPGI$UBER
Update: Equity Markets Mixed Intraday as US Seen Nearing Hormuz Deal
US Markets

Update: Equity Markets Mixed Intraday as US Seen Nearing Hormuz Deal

(Updates with latest market prices and developments.)US benchmark equity indexes were mixed intraday amid reports suggesting a deal to reopen the Strait of Hormuz was imminent.The Dow Jones Industrial Average was up 0.8% at 54,528.1 after midday Wednesday, while the Nasdaq Composite fell 0.4% to 26,470.4. The S&P 500 was little changed at 7,737.7. On Tuesday, the S&P 500 and the Dow recorded fresh all-time highs, while the Nasdaq advanced for a fourth consecutive session.Among sectors, materials paced the gainers intraday Wednesday, while communication services saw the steepest decline.The US, Iran and Oman are moving toward an interim deal to reopen the Strait of Hormuz, with Washington looking at a Wednesday announcement, Axios reported, citing two regional sources and a US official.US President Donald Trump reportedly said late Tuesday that an agreement to reopen the strait, the world's most important chokepoint for crude flows, was imminent."There are suggestions that a deal could be announced as soon as today, although reports that any agreement would be temporary suggest that the market would be wise not to get too carried away," ING Bank said Wednesday in report.Meanwhile, Yemen's Iran-aligned Houthis claimed an attack on a Saudi Arabian tanker near the coast of Yanbu, a major port for Saudi crude oil exports, according to a CNBC report.West Texas Intermediate crude oil was down 1.1% at $74.93 a barrel intraday, while Brent edged down 0.3% to $79.02.Treasury yields were little changed, with the two-year rate at 4.2% at the 10-year rate at 4.62%.Walt Disney's (DIS) fiscal third-quarter earnings rose above Wall Street's estimates even as revenue fell short of expectations despite a boost from "Toy Story 5." The stock was up 2.4%, among the best performers on the Dow.Uber Technologies (UBER) was among the notable laggards on the S&P 500, down 6.5%, after the ride-hailing company's second-quarter revenue missed market estimates and it provided a soft third-quarter bookings guidance.Shares of SpaceX (SPCX) slumped 10% intraday after the rocket and satellite company late Tuesday reported quarterly results for the first time since going public. The company's capital expenditures rallied to $18.37 billion in the second quarter from $2.83 billion a year ago.Advanced Micro Devices (AMD) was down 6.3% even though it recorded fiscal second-quarter results above market estimates.In economic news, US private-sector employment increased less than expected in July as gains were concentrated in just services, ADP (ADP) data showed Wednesday, ahead of the official nonfarm payrolls report for the month due later in the week.Bureau of Labor Statistics data scheduled for Friday release are likely to show that the US economy added 88,000 nonfarm jobs last month, compared with a 57,000 increase reported for June, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.2%.Spot gold jumped 4% to $4,241.96 per troy ounce, while silver advanced 3.5% to $62.37 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADP$AMD$DIS$SPCX$SPGI$UBER
July Private-Sector Hiring Rises Less Than Projected, ADP Data Show Ahead of Key Jobs Report
International

July Private-Sector Hiring Rises Less Than Projected, ADP Data Show Ahead of Key Jobs Report

US private-sector employment increased less than expected in July as the gains were concentrated in just services, ADP (ADP) data showed Wednesday, ahead of the official nonfarm payrolls report for the month due later in the week.Private employers added 44,000 jobs in July, below the 65,000 increase expected in a survey compiled by Bloomberg. The hiring total for June was revised to 95,000 from 98,000, ADP said.The services sector added 47,000 jobs last month, while employment in the goods-producing sector saw a drop of 3,000."The slowdown in the monthly employment gain reported by ADP aligns with our assumption that the labor market isn't in a period of overheating," Matthew Martin, senior US economist at Oxford Economics, said in remarks e-mailed to. "Nor is it a cause for concern, as the number is still within range of our estimate of the breakeven pace of monthly employment growth consistent with stable unemployment."Data from the Bureau of Labor Statistics are likely to show Friday that the US economy added 88,000 nonfarm jobs last month, compared with a 57,000 increase reported for June, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.2%.Annual wage growth for job changers hit 7% in July, the biggest jump since August, while pay gains for job stayers held steady at 4.4%, the ADP report showed Wednesday."Job-changers are highly sensitive to real-time economic conditions, and their rapid pay growth implies supply constraints in parts of the labor market," ADP Chief Economist Nela Richardson said. "Typical hiring patterns, meanwhile, are changing as employers react to shifting macro-economic conditions."Regarding wage growth for job switchers, Martin said he wouldn't jump to any conclusion based on just one of month of data."The quits rate -- a good barometer for workers' confidence in the market -- hasn't budged as of the latest data," he said. "We continue to believe the labor market won't be a source of inflationary pressure."Last week, the US central bank's policy committee said "job gains have kept pace with the workforce, and the unemployment rate has changed little." The Federal Reserve held its policy rate steady for a fifth time at the meeting, in a divided decision that included three officials calling for a hike.Price: $267.86, Change: $-2.76, Percent Change: -1.02%

$ADP
Insider Trading

Automatic Data Processing Insider Sold Shares Worth $641,207, According to a Recent SEC Filing

David Kwon, Corporate Vice President, on July 30, 2026, sold 2,414 shares in Automatic Data Processing (ADP) for $641,207. Following the Form 4 filing with the SEC, Kwon has control over a total of 9,660 common shares of the company, with 9,660 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/8670/000122520826006860/xslF345X05/doc4.xml

$ADP
Wire

Jefferies Raises Automatic Data Processing Price Target to $225 From $190, Underperform Rating Kept

Automatic Data Processing (ADP) has an average rating of hold and mean price target of $258.14, according to analysts polled by FactSet.Price: $278.11, Change: $+13.94, Percent Change: +5.28%

$ADP
Wire

UBS Adjusts Price Target on Automatic Data Processing to $276 From $270

Automatic Data Processing (ADP) has an average rating of hold and mean price target of $258.14, according to analysts polled by FactSet.Price: $279.25, Change: $+15.08, Percent Change: +5.71%

$ADP
Wire

Automatic Data Processing Set to Deliver Modest Fiscal Q4 Beat, RBC Says

Automatic Data Processing (ADP) is expected to post a modest fiscal Q4 beat and issue 2027 guidance in line with Wall Street's consensus, RBC Capital Markets said Monday in a report.Q4 projections are supported by stable client retention, 1% growth in revenue per payroll run, and bookings growth in the upper half of the company's 4% to 7% guidance range, RBC said.ADP is expected to report revenue of $5.46 billion, above the $5.44 billion consensus, while earnings per share are expected to reach $2.62, ahead of the $2.59 estimate, RBC said."This outlook reflects favorable year-over-year comparisons, a solid pipeline, and broad-based momentum across the business," the report said.In fiscal 2027, ADP's revenue growth guidance is expected at 5% to 6%, in line with consensus estimates. Margin expansion of 60 to 80 basis points is expected to support EPS growth of 9% to 11%, the report said.RBC has a sector perform rating on ADP stock with a $290 price target. Q4 results are due July 29.Price: $247.22, Change: $+5.30, Percent Change: +2.19%

$ADP
Wire

Wells Fargo Adjusts Price Target on Automatic Data Processing to $248 From $214

Automatic Data Processing (ADP) has an average rating of hold and mean price target of $251.36, according to analysts polled by FactSet.Price: $239.64, Change: $-1.73, Percent Change: -0.72%

$ADP
Jobless Claims Drop in Latest Week as Labor Market Conditions Hold Steady
US Markets

Jobless Claims Drop in Latest Week as Labor Market Conditions Hold Steady

Applications for unemployment insurance in the US unexpectedly declined in the latest week as labor market conditions appeared to hold steady, government data showed Thursday.For the week through July 4, the seasonally adjusted number of initial claims declined by 2,000 to 215,000 from the previous week's average that was adjusted upwards by 2,000, the Labor Department said. The consensus was for a 217,000 print in a Bloomberg poll.The four-week moving average fell by 3,750 to 218,750 from the prior week's average, which was revised higher by 500. Unadjusted claims rose by 9,967 on a weekly basis to 224,583."Initial jobless claims were a touch lower in the week ended July 4, consistent with the low and stable layoff rate that has defined the labor market in recent months," Matthew Martin, senior US economist at Oxford Economics, said in a note e-mailed to. "Summer auto plant shutdowns are running well below prior year levels, which will pressure the seasonally adjusted data lower in the coming weeks."Seasonally adjusted continuing claims came in at 1.81 million for the week ended June 27, roughly in line with Wall Street's views. Continuing claims rose by 8,000 from the previous week's downwardly revised level. The four-week moving average grew by 7,000 to about 1.81 million from the prior week's average, which was revised down by 2,000, according to the report."Claims are holding steady, so there is little evidence of any mounting slack in the labor market," Jefferies Chief US Economist Thomas Simons said in a report e-mailed to.Based on the claims data, along with last week's nonfarm payrolls figures and ADP's (ADP) private-sector hiring report, Simons said "it seems like the labor market is settling into a pace of job creation that is right in line with the amount necessary to keep the unemployment rate steady."Last week's data showed the US economy added fewer jobs than expected in June while gains for the prior two months were revised lower. According to the latest ADP report, private-sector employment increased less than expected last month.The unemployment rate ticked down to 4.2% in June from the prior month's print of 4.3%.Price: $239.24, Change: $-2.13, Percent Change: -0.88%

$ADP
Update: Dow Snaps Record Stretch Following Labor Data, Warsh Remarks
US Markets

Update: Dow Snaps Record Stretch Following Labor Data, Warsh Remarks

(Updates with market moves at the end of the day.)The Dow Jones Industrial Average snapped its record run Wednesday as traders assessed fresh labor market data and comments from Federal Reserve Chair Kevin Warsh.The Dow ended the session just below the flatline at 52,305.2 after logging closing highs in the past two sessions. The Nasdaq Composite fell 0.7% to 26,040, while the S&P 500 slipped 0.2% to 7,483.2.Among sectors, technology saw the steepest decline, while communication services paced the gainers.In economic news, employment in the US private sector increased less than expected in June, according to ADP (ADP) data released Wednesday, a day before the Bureau of Labor Statistics is scheduled to release its widely watched nonfarm payrolls report."The pace of hiring is telling a story of both supply and demand. We know it's taking people longer to find work, but there also are signs of labor supply constraints in certain industries," ADP Chief Economist Nela Richardson said. "For now, the overall effect is a slowdown in job creation."Separately, Challenger Gray & Christmas said American employers announced 45,849 layoffs last month, down 53% from May and 4% from a year earlier. The reading marked the lowest monthly total since December 2025.The US economy is projected to have added 115,000 jobs in June, according to a Bloomberg-compiled survey. The monthly nonfarm payrolls report, which is usually released on a Friday, will be published on Thursday as US stock and bond markets will be closed Friday for the Independence Day holiday.Warsh, speaking at a European Central Bank forum in Portugal Wednesday, said inflation risks have eased, suggesting the central bank may be headed for another policy pause.The Fed remains committed to deliver price stability in the US, he said, reiterating what the Federal Open Market Committee said in its June policy statement."Inflation risks have come down," Warsh said. "If there were people in household or the business sector or the financial markets who thought that this central bank was going to be comfortable with an inflation objective above 2%, well, I guess they'd be disappointed."Markets expect the Fed to keep rates unchanged again when it meets toward the end of July, according to the CME FedWatch tool."The chairman's more favorable assessment of price pressures suggests an underlying support for maintaining the current level of policy as opposed to rate hikes," Stifel Chief Economist Lindsey Piegza said in a note.US Treasury yields were mixed, with the two-year yield down 1.7 basis points at 4.18% and the 10-year yield up 1.7 basis points at 4.49%.West Texas Intermediate crude oil was down 2.1% at $68.01 a barrel in Wednesday late-afternoon trade, while Brent fell 2.5% to $71.16.In company news, Meta Platforms (META) is building a cloud infrastructure business to sell access to AI computing power and models, setting up a new area of competition with Amazon (AMZN) Web Services, Microsoft (MSFT) Azure, and Alphabet's (GOOG, GOOGL) Google Cloud, Bloomberg reported.Meta shares jumped 8.8%, the third-top gainer on the S&P 500, while Microsoft rose 3%, the third-best performer on the Dow. Amazon advanced 1.4% and Alphabet's class A shares added 1.1%.Nike (NKE) climbed 4.9%, the best performer on the Dow, after the sportswear giant reported fourth-quarter results late Tuesday.The company's latest quarterly results and sales guidance indicate a "choppy" turnaround for the sportswear company amid continued headwinds in China, BofA Securities said.Gold was last up 0.2% at $4,048.20 per troy ounce, while silver fell 0.4% to $59.69 per ounce.

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Update: US Equities Mixed as Traders Parse Labor Data, Warsh Remarks
US Markets

Update: US Equities Mixed as Traders Parse Labor Data, Warsh Remarks

(Updates with latest market prices and developments.)US benchmark equity indexes were mixed intraday as traders parsed fresh labor market data ahead of a key jobs report due out Thursday and comments from Federal Reserve Chair Kevin Warsh.The Dow Jones Industrial Average was up 0.4% at 52,512.9 after midday Wednesday. The index hit new all-time highs in the past two days. The S&P 500 rose 0.1% to 7,510 intraday Wednesday, while the Nasdaq Composite fell 0.2% to 26,170.6.Among sectors, communication services paced the gainers, while utilities and technology were leading the laggards.In economic news, employment in the US private sector increased less than expected in June, according to ADP (ADP) data released Wednesday, a day before the Bureau of Labor Statistics is scheduled to release its widely watched nonfarm payrolls report."The pace of hiring is telling a story of both supply and demand. We know it's taking people longer to find work, but there also are signs of labor supply constraints in certain industries," ADP Chief Economist Nela Richardson said. "For now, the overall effect is a slowdown in job creation."Separately, Challenger Gray & Christmas said American employers announced 45,849 layoffs last month, down 53% from May and 4% from a year earlier. The reading marked the lowest monthly total since December 2025.The US economy is projected to have added 115,000 jobs in June, according to a Bloomberg-compiled survey. The monthly nonfarm payrolls report, which is usually released on a Friday, will be published on Thursday as US stock and bond markets will be closed Friday for the Independence Day holiday.Warsh, speaking at a European Central Bank forum Wednesday, said inflation risks had eased."Inflation risks have come down," The New York Times quoted Warsh as saying during the event in Portugal.Warsh reiterated commitment to price stability."If people thought this central bank was going to be comfortable with an inflation objective above 2%, they would be disappointed," Warsh said, as reported by Reuters.The US manufacturing sector continued to expand last month, though the pace of growth moderated as higher raw material costs kept input inflation elevated, separate surveys by the Institute for Supply Management and S&P Global (SPGI) showed.US Treasury yields were higher intraday, with the two-year yield up 2.1 basis points at 4.16% and the 10-year yield up 4.5 basis points at 4.47%.West Texas Intermediate crude oil was down 1.8% at $68.28 a barrel intraday, while Brent fell 2.3% to $71.27.In company news, Meta Platforms (META) is building a cloud infrastructure business to sell access to AI computing power and models, setting up a new area of competition with Amazon (AMZN) Web Services, Microsoft (MSFT) Azure, and Alphabet's (GOOG, GOOGL) Google Cloud, Bloomberg reported.Meta shares were up 9.7% intraday, the third-top gainer on the S&P 500, while Microsoft rose 3.9%, the second-best performer on the Dow. Amazon was up 2.4% and Alphabet's class A shares added 0.5%.Nike (NKE) advanced 2.1%, after the sportswear giant reported fourth-quarter results late Tuesday. The company's latest quarterly results and sales guidance indicate a "choppy" turnaround for the sportswear company amid continued headwinds in China, BofA Securities said.Gold was up 1.1% at $4,083.60 per troy ounce, while silver advanced 1% to $60.51 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADP$AMZN$GOOG$GOOGL$META$MSFT$NKE$SPGI

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