CNBC Business News Update - Market Open: Stocks Higher, ADP Says Fewer Jobs Added In May, Mortgage Demand Falls Again 6/5/24

Episode Date: June 5, 2024

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored and reported by CNBC's Jessica Ettinger.

I'm Jessica Edinger, CNBC. Wall Street is in the green modestly. The Dow up 26 points. The S&P 500 index up 17. The Nasdaq is up 118 points this morning, almost three quarters of a percent. Dollar Tree exploring a sale of the grocery-focused family dollar brand it owns after closing more than 500 stores in the last quarter. Private companies added 152,000 jobs in May, according to ADP. That was fewer than expected.

It's more data pointing toward a slowing labor market. The government's May employment report is out Friday morning. So where were the jobs created last month? Let's take a look at how we got their small business down 10,000. Medium-sized business up almost 80,000. And large business 100,000. Looking at it by industry, trade, transportation up 55. Educational services, that's where we see a lot of the jobs in the BLS report as well, up 46. Construction up 32. Leisure and hospitality, not as much before. And there's that decline in manufacturing jobs down 20,000. CNBC senior economics reporter Steve Leisman. You know, plus 150,000 or so jobs in most economies is a great number, but there is a

little weakness under that hood. There's weakness coming from traditionally white collar jobs like professional business services. We saw loss, information services, we saw loss. We also saw losses and weakness tied to both producers when it comes to manufacturing and consumers when it comes to leisure and hospitality. So overall, it's a good number. It's not a great number. And there's some weakness that we're really paying attention to. That's ADP economist Neela Richardson on CNBC. Mortgage demand fell for the second week in a row last week as the spring housing market is being called dismal. The average rate on a 30-year fixed home loan today, 7 percent, according to Mortgage News Daily. BlackRock and Citadel among the investors backing a new national stock exchange that would be based in Texas

with fewer regulations and compliance rules than the New York Stock Exchange or the NASDAQ. TXSE, the taxi, would be based in Dallas. It would start trading next year with listings in 26, according to the Wall Street Journal. GOP presidential hopeful Donald Trump being backed by more billionaires. Former President Donald Trump has the fundraising edge when it comes to campaign donations from the billionaires. Now there's a lot of worry about the corporate tax rate, about regulation. So we had Open Secrets crunch some of the data for us. And so far this election cycle, Trump and the Republican National Committee have raised more than $42 million from wealthy mega donors. That compares to about $35.5 million for Biden and the Democrats.

The number of billionaires who swore never Trump have come back to him. CNBC's Megan Casella. AT&T says yesterday's outage has been fixed. Some customers across the U.S. were without service for about seven hours. AT&T had another outage earlier this year that knocked out service for almost 12 hours. A Mega Millions player in Illinois won the half-billion-dollar jackpot last night, ending a three-month drought for that game. Jessica Ettinger, CNBC. I just love this game. So excited to share with the world.

The Olympics from Paris starts July 26th on NBC and Peacock.