Stocks pared premarket gains after ADP employment data for May showed a gain of 278k (est. 170k) fueling concerns that a persistent employment market will keep inflation around current levels. However, unit labor costs showed a growth of 4.2% for Q1 2023. This was well below estimates of 6% and provides support for a rate hike pause come June. Stocks remained flat through the early session until ISM data was released, sending stocks (most notably tech) higher and treasury yields lower. Most of…
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