Investing
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ADP data show weak hiring in the U.S. in May, and much weaker than April.
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Strong earnings reports from S&P 500 component companies, however, is holding the Voo steady.
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The Vanguard S&P 500 ETF (NYSEMKT: VOO) is trading flat — both up and down exactly 0.0% — premarket after payrolls processing firm Automatic Data Processing (Nasdaq: ADP) reported this morning that private payrolls grew by only 37,000 in May, well short of the 110,000 jobs forecast, and below the 60,000 jobs created in April as well.
ADP data show this was the weakest month for job creation in the U.S. since March 2023.
The Voo currently sits less than 3% below its all-time high of 563.67, hit on February 19. Today’s setback might not last, however, and the index and the ETF could well regain their former high later in the week, when the U.S. Bureau of Labor Statistics will release the results of its own jobs survey (which often differs from the data ADP puts out). Consensus estimates say the DOL report will show 125,000 new nonfarm job created in May, when it reports in Thursday.
That’s a lot like what the ADP data was supposed to show today, though… and didn’t.
Earnings
S&P 500 component company Dollar Tree (Nasdaq: DLTR) did its best to imitate rival Dollar General‘s (NYSE: DG) yesterday-earnings beat this morning, and almost succeeded. Q1 profits beat expectations at $1.26 per share, but sales fell short at $4.6 billion. Dollar Tree’s forecast for the rest of the year shows a similar dynamic, with earnings probably ahead of consensus, but sales below expectations.
Fellow S&P 500 component CrowdStrike (Nasdaq: CRWD) also beat earnings with a Q1 profit of $0.73, and met sales targets of $1.1 billion for the quarter. Guidance for the rest of the year is for better-than-expected profits, but weaker-than-expected sales.
Hewlett Packard Enterprise (NYSE: HPE) — you guessed it, also an S&P 500 component — reported $0.38 per share in profit for its fiscal Q2 last night, better than expected. Sales also exceeded expectations at $7.6 billion. 2025 guidance was ahead of expectations as well.
Analyst Calls
Taiwan’s President Capital Management upgraded two defense contractors, RTX Corp (NYSE: RTX) and Lockheed Martin (NYSE: LMT), both to “buy.” Both companies are part of the S&P 500 index.
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