04:32 PM EDT, 06/04/2025 (MT Newswires) -- US benchmark equity indexes closed mixed on Wednesday after May US private sector employment growth slowed, and President Donald Trump asked the Federal Reserve to cut interest rates immediately

The Nasdaq rose 0.3% to 19,460.49, and the S&P 500 was little changed at 5,970.81, paring earlier gains. The Dow Jones Industrial Average eased 0.2% to 42,427.74. Among sectors, communications services posted the biggest advance, and energy paced the decliners.

US Treasury yields dropped with the 10-year rate decreasing 10 basis points to 4.37% and the two-year rate falling 8 basis points to 3.88%.

July West Texas Intermediate crude oil decreased 1.1% to $62.74 a barrel on Wednesday.

In economic news, US private sector employment grew last month at the slowest pace since March 2023, Automatic Data Processing (ADP) reported.

"After a strong start to the year, hiring is losing momentum," ADP chief economist Nela Richardson said. "Pay growth, however, was little changed in May, holding at robust levels for both job-stayers and job-changers."

Responding to the ADP report, Trump said that Federal Reserve Chair Jerome Powell "must" lower interest rates immediately. Since taking office, Trump has repeatedly called on Powell to cut rates.

Two surveys on the US services sector posted contrasting results with the Institute for Supply Management's data showing activity slipping into contraction territory in May, while S&P Global (SPGI) indicated a faster pace of growth.

"May's (purchasing managers' index) level is not indicative of a severe contraction, but rather uncertainty that is being expressed broadly among ISM services business survey panelists," said Steve Miller, chair of the ISM's services business survey committee.

Mortgage applications in the US declined for the third week in a row as potential borrowers waited for loan rates to fall more substantially, the Mortgage Bankers Association said.

In company news, ON Semiconductor (ON) shares jumped 6.1%, the top gainer on the S&P 500. NXP Semiconductors ( NXPI ) shares climbed 5.6%, the second-biggest advance.

Dollar Tree ( DLTR ) shares dropped 8.4%, the largest decline on the S&P. The company forecast an earnings decline of up to 50% in fiscal Q2 linked to tariff woes after better-than-expected Q1 results.

CrowdStrike ( CRWD ) fell 5.8%, the day after the cybersecurity firm reported a decline in fiscal Q1 earnings.

Gold increased 0.6% to $3,397.10 per troy ounce, silver was little changed at $34.64 per troy ounce.