Stock Market Today: Live Updates

Services sector activity was much weaker than expected in June, according to a report from the Institute for Supply Management (ISM) released on Wednesday.

The ISM Services PMI, which measures the percentage of businesses reporting expansion this month, was at 48.8%. A reading below 50% indicates a contraction, and the index has shown contractions in two of the past three months. Economists surveyed by Dow Jones had expected a reading of 52.8%, or one percentage point lower than in May.

Elsewhere in the survey, the business activity index fell 11.6 percentage points to 49.6 percent, new orders fell 6.8 percentage points to 47.3 percent and inventories fell 9.2 percentage points to 42.9 percent. The price index also fell slightly, as did the employment index.

—Jeff Cox

Shares were little changed at the start of a shortened trading day on Wednesday.

The S&P 500 and Nasdaq Composite were both roughly flat just after 9:30 a.m. ET. The Dow was up about 0.1%.

Alex Harring

The Labor Department reported Wednesday that new claims for unemployment insurance rose slightly for the week ending June 29.

Initial jobless claims during the same period totaled 238,000, up 4,000 from the previous week and beating the Dow Jones forecast of 233,000.

The number of continuing applications, released one week later, totaled 1.858 million, an increase of 26,000 and the highest level since Nov. 27, 2021.

—Jeff Cox

Private payrolls rose by 150,000 in June, less than expected and the lowest since January, ADP said in a report released Wednesday.

The total was below the 160,000 Dow Jones expected and below the 157,000 it had revised up from May. Leisure and hospitality led the way with 63,000 jobs, followed by construction and professional and business services.

Wage growth also slowed to 4.9% year-on-year, the smallest increase since August 2021.

—Jeff Cox

The stocks with the biggest moves in premarket trading were:

See the full list of stocks moving here.

Samantha Sabin

The dollar index is likely to end its four-week upward trend.

The index, which measures the U.S. dollar against a basket of foreign currencies, has fallen about 0.2% so far this week and if it continues into the weekend it will be in negative territory for the first time in five weeks.

The dollar has strengthened against the yen this week but is struggling compared to the euro and British pound.

— Alex Harring and Gina Francola

Tesla shares jumped more than 3% in morning trading, putting the electric car maker on pace for a seventh straight day of gains, the longest winning streak for the company’s stock since a 13-day winning streak last year.

“The key for Tesla stock will be for the market to realize that, in our view, it is the most undervalued AI company on the market, with a historic Robotaxi Day coming up for Musk and Tesla on August 8th that will pave the way for FSD and the future of self-driving,” Wedbush analyst Dan Ives wrote in a note on Tuesday, who rates Tesla shares an Outperform rating.

Fred Imbert

The consumer discretionary sector rose 1.8%, closing at its highest level since January 2022.

Tesla shares rose 10.2%, helping to lift the sector. The electric car maker’s shares surged after its second-quarter vehicle production and delivery report beat analysts’ expectations.

E-commerce giant Amazon also helped lift the sector, rising 1.4% to a record high.

The consumer discretionary sector was the best-performing of the S&P 500’s 11 sectors on Tuesday, helping to lift the broader market index to a record close of 5,509.01, its first close above the 5,500 threshold.

—Darla Mercado, Chris Hayes

The news comes after National Amusements and Skydance called off deal talks in June.

Paramount declined to comment to CNBC on the news, while National Amusements and Skydance did not immediately respond to requests for comment.

— Hakyung Kim and Rohan Goswami

The first half of the year has been marked by a technology-driven rally in the stock market, but as the second half begins, Goldman Sachs is predicting a turning point for investors.

“Risks for shareholders have increased as we move into the second half of the year,” strategist Peter Oppenheimer wrote, pointing to an uncertain backdrop including lofty stock valuations and rising political risks.

But Oppenheimer reassured investors by pointing to history showing that a strong first half typically leads to a strong second half.

“However, it is important to emphasize that it is unusual for strong first-half returns, as we have seen this year, to be followed by weak second-half returns,” he wrote.

— Lisa Kailai Han