Dow Jones Industrial Average ETF (DIA) Live June 4: Jobs Worries Don’t Ding Diamonds ETF

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The SPDR Dow Jones Industrial Average ETF Trust (NYSEMKT: DIA) is up nearly 0.1% premarket Wednesday after a report from payrolls processing firm Automatic Data Processing (Nasdaq: ADP) showed private payrolls growing only 37,000 in May, below the forecast for 110,000 new jobs, and below April’s tally of 60,000 jobs created as well.

May now looks like the weakest month for job creation in the U.S. since March 2023 — or was it?

On Friday, the U.S. Bureau of Labor Statistics will release a more official jobs report that could confirm or deny the implications of ADP’s report. Experts expect the DOL data to show that 125,000 nonfarm jobs were created in May.

“125,000 jobs” is very close to “110,000 jobs” however. If the ADP data missed the mark, the DOL data might as well.

Earnings

Three big S&P 500 companies — none on the Dow Jones Industrial Average, however — have reported earnings over the last few hours, two last night, and one more this morning. Last night:

CrowdStrike (Nasdaq: CRWD) reported an earnings beat with a Q1 profit of $0.73, and hit analysts’ sales targets of $1.1 billion. Guidance for the rest of this year was mixed, with CrowdStrike forecasting it will beat earnings estimates but miss sales expectations.

Hewlett Packard Enterprise (NYSE: HPE) reported a $0.38 per share profit for its fiscal Q2. Both sales for the quarter, and forecast sales and earnings for the rest of the year exceeded expectations.

This morning, Dollar Tree (Nasdaq: DLTR) reported that it did nearly as well as rival Dollar General (NYSE: DG) did yesterday morning. Dollar Tree beat on earnings with $1.26 per share, but missed on sales with $4.6 billion. Guidance for the rest of the year was also mixed, with earnings likely to come in ahead of analysts’ forecasts, but sales below.

Analyst Calls

Dow Jones Industrial Average component company Apple (Nasdaq: AAPL) got some bad news today when Needham analyst Laura Martin downgraded the stock to hold. “Every Big Tech competitor wants to take AAPL’s 15%-30% platform tax,” warned Martin, while “GenAI innovations open the door for new hardware form factors that threaten iOS devices.”

With competition rising and Apple’s forward P/E still stuck at a pricey 26x, the analyst sees little room for the stock to grow near-term.

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