June 5, Thursday

High-Level Voices: 
U.S. May ADP employment increased by 37,000, below expectations of 110,000 and down from the prior 62,000. After the data release, President Trump stated that Powell must cut interest rates, adding, "It's unbelievable, Europe has already cut rates nine times. "

Overall Sentiment: 
Yesterday's market news was unremarkable, with the focus on the U.S.
The newly released U.S. employment data significantly missed expectations. Minutes after the release, Trump directly called out Fed Chair Powell, highlighting their clear conflict.
U.S. stock index futures, not yet open, dipped immediately. Powell's Fed Chair term ends in May next year, and Trump is expected to replace him with someone aligned with his policies. The market's uncertainty lies in how Powell will act in the remaining 10 months.