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Futures: Dow down 0.05%, S&P 500 flat, Nasdaq down 0.02%

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Wells Fargo ( WFC ) shares rise after Fed ends growth freeze

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CrowdStrike ( CRWD ) falls on downbeat quarterly revenue forecast

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S&P Global and ISM's services sector PMI data on tap

(Updates before markets open)

By Kanchana Chakravarty and Sukriti Gupta

June 4 (Reuters) - U.S. stocks were set for a muted open

on Wednesday as much weaker-than-expected private payrolls data

deepened concerns about the Trump administration's erratic trade

policies pressuring the labor market.

Private payrolls increased by only 37,000 jobs in May, while

economists polled by Reuters had forecast an increase of

110,000.

"I think you get very short term volatility from the ADP

number, but I don't think that it means that much until we see

the payrolls number," said Larry Tentarelli, chief technical

strategist at Blue Chip Daily Trend Report.

Investors are awaiting Friday's nonfarm-payrolls data for

more signs on how trade uncertainty is affecting the U.S.

economy.

Washington doubled tariffs on imported steel and aluminum

to 50% on Wednesday, the same day by which Trump had wanted

trading partners to make their best offers to avoid other

punishing import levies from taking effect in early July.

Investor focus is squarely on tariff negotiations between

Washington and its trading partners, with Trump and Chinese

leader Xi Jinping expected to speak sometime this week as

tensions simmer between the world's two biggest economies.

May was the best month for the S&P 500 index and the

tech-heavy Nasdaq since November 2023, thanks to a

softening of Trump's harsh trade stance.

With fresh tariff announcements in place, the S&P 500

remains about 3% away from its record highs touched in February.

Barclays joined a slew of other brokerages in raising its

year-end price target for the S&P 500, pointing to easing trade

uncertainty and expectations of normalized earnings growth in

2026.

Other data releases scheduled for Wednesday include S&P

Global and ISM's services sector activity readings for May.

At 08:54 a.m. ET, Dow E-minis were down 20 points,

or 0.05%, S&P 500 E-minis were down 0.25 points and

Nasdaq 100 E-minis were down 3.5 points, or 0.02%.

Megacap and growth stocks were mixed in premarket trading.

Apple ( AAPL ) dipped 0.5% after brokerage Needham downgraded

the iPhone maker to "hold" from "buy".

Shares of Hewlett Packard Enterprise ( HPE ) rose 6.6% as

demand for the company's artificial-intelligence servers and

hybrid cloud segment helped it beat estimates for second-quarter

revenue and profit.

Wells Fargo ( WFC ) shares rose 2.4% after the U.S. Federal

Reserve removed a $1.95 trillion asset cap imposed in 2018

following years of missteps.

Shares of cybersecurity firm CrowdStrike ( CRWD ) slumped

7.6% after it forecast quarterly revenue below estimates.

Dollar Tree ( DLTR ) fell nearly 2% after the discount store

operator forecast second-quarter adjusted profit would be as

much as 50% lower than a year ago due to tariff-driven

volatility.

(Reporting by Kanchana Chakravarty and Sukriti Gupta in

Bengaluru; Editing by Devika Syamnath)