NEW YORK, New York -  U.S. stocks were mixed Wednesday as investors and traders grappled with the ADP report, which revealed payrolls rose only 37,000, well below the April figure of 60,000, and only about a third of the 110,000 jobs expected.

"I think the ADP report has had the history of being quite noisy, so I think we're just going to have to wait and see about Friday as it relates to the labor market," Mike Dickson of Horizon Investments told CNBC Wednesday. "Recent inflation data has been pretty tame and healthy in the right direction."

That said, Dickson still thinks the market is range-bound in the near term, adding that "we're entering into a little bit of a lull" in terms of market catalysts for the next month."

U.S. Markets Show Divergence

The Standard and Poor's 500 (^GSPC) eked out a marginal gain of 0.44 points (0.01 percent) to close at 5,970.81, with trading volume reaching 2.657 billion shares.

Tech stocks propelled the Nasdaq Composite (^IXIC) higher by 61.53 points (0.32 percent) to 19,460.49 on heavy 6.82 billion share volume.

However, the Dow Jones Industrial Average (^DJI) bucked the trend, falling 91.90 points (0.22 percent) to 42,427.74.

Market Drivers

Analysts noted several key factors influencing Wednesday's action:

• Chipmakers and AI-related stocks fueled Nasdaq's outperformance

• Healthcare and consumer staples weighed on the Dow

• Falling oil prices dented Canadian energy shares

• Investors digested mixed economic data ahead of Friday's jobs report

"Today's market reflects the ongoing rotation into growth sectors," said chief strategist Linda Kowalski. "The Nasdaq's resilience suggests investors remain confident in tech earnings despite valuation concerns."

Dollar Slides Broadly Wednesday as Euro, Commodity Currencies, and Yen Rally

The U.S. dollar faced widespread selling pressure on Wednesday, weakening against all major counterparts as risk appetite improved and traders reassessed U.S. President Donald Trump's trade tariffs strategy, and Federal Reserve rate cut expectations.

Euro and Pound Extend Gains

The EUR/USD climbed 0.37 percent to 1.1412, marking its highest close in three weeks amid renewed confidence in the Eurozone economy. The GBP/USD also advanced, rising 0.24 percent to 1.3545 as the British pound continued its steady recovery.

Yen Leads Charge Against Dollar

Japan's currency delivered the day's strongest performance, with the USD/JPY plunging 0.75 percent to 142.88 – its sharpest single-day drop in two months. The move came amid a broader dollar retreat. The Swiss franc joined the rally, pushing USD/CHF down 0.62 percent to 0.8187.

Commodity Currencies Surge

The Australian dollar jumped 0.48 percent to 0.6492, while the New Zealand dollar outperformed with a 0.55 percent gain to 0.6027, both benefiting from improved risk sentiment and dollar weakness. Even the typically resilient Canadian dollar advanced, with USD/CAD falling 0.27 percent to 1.3681 despite stable oil prices.

Market Drivers

The greenback's broad decline reflects:

• Growing expectations for Fed rate cuts following softer U.S. economic data

• Improved risk appetite supporting higher-yielding currencies

• Technical selling after dollar index broke key support levels

"Today was a clean sweep for dollar bears," said currency strategist Mark Richardson. "The uniform weakness suggests this is more than just isolated moves – we're seeing a genuine recalibration of dollar positioning."

Global Markets Close Higher on Wednesday; Asia Leads Gains

Global stock indices mostly posted gains on Wednesday, with Asian markets leading the charge, while European and other marketss saw moderate advances.

Canada's TSX Retreats

North of the U.S. border, the S&P/TSX Composite (^GSPTSE) dropped 97.64 points (0.37 percent) to 26,329.00, pressured by declines in energy and financial stocks. Trading volume totaled 232.817 million shares.

UK and European Markets

The FTSE 100 (^FTSE) in Lodnon inched up 14.27 points, or 0.16 percent, to close at 8,801.29 Wednesday.

Germany's DAX (^GDAXI) surged 184.86 points, or 0.77 percent, finishing at 24,276.48.

In France the CAC 40 (^FCHI) climbed 40.83 points, or 0.53 percent, settling at 7,804.67.

The broader EURO STOXX 50 (^STOXX50E) gained 29.45 points, or 0.55 percent, closing at 5,405.15, while the Euronext 100 (^N100) rose 4.80 points, or 0.30 percent, to 1,586.79.

Belgium's BEL 20 (^BFX) edged up 4.83 points, or 0.11 percent, ending at 4,507.49.

Asian and Pacific Markets Rally

Asian indices posted strong gains, with South Korea's KOSPI (^KS11) jumping 71.87 points, or 2.66 percent, to 2,770.84.

China's SSE Composite (000001.SS) rose 14.23 points, or 0.42 percent, to 3,376.20, with a trading volume of 4.29 billion shares.

In Taiwan' the TWSE (^TWII) soared 491.16 points, or 2.32 percent, to 21,618.09.

Japan's Nikkei 225 (^N225) advanced 300.64 points, or 0.80 percent, closing at 37,747.45.

In Australia the S&P/ASX 200 (^AXJO) rose 75.10 points, or 0.89 percent, to 8,541.80, while the All Ordinaries (^AORD) gained 79.30 points, or 0.91 percent, ending at 8,770.20.

New Zealand's NZX 50 (^NZ50) surged 167.48 points, or 1.36 percent, to 12,494.71.

In Hong Kong Wednesday, the Hang Seng (^HSI) added 141.54 points, or 0.60 percent, closing at 23,654.03.

Singapore's STI (^STI) climbed 9.50 points, or 0.24 percent, to 3,903.88.

In India the Sensex (^BSESN) rose 260.74 points, or 0.32 percent, to 80,998.25, while Indonesia's IDX Composite (^JKSE) gained 24.22 points, or 0.34 percent, ending at 7,069.04.

In Malaysia the KLCI (^KLSE) added 4.72 points, or 0.31 percent, closing at 1,507.97.

Middle East and Africa Mixed

Israel's TA-125 (^TA125.TA) dipped slightly, losing 5.80 points, or 0.21 percent, to 2,723.30.

Meanwhile, in Egypt the EGX 30 (^CASE30) remained unchanged at 32,677.90.

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