Walmart Gains on Wage Increase Comments

Walmart Gains on Wage Increase Comments

Rick Winters, vice president at Adviser Investments, has the market analysis for Wednesday, June 5. Despite trading volatility, major U.S. stock indexes rose for the third consecutive day: The Dow Jones Industrial Average and S&P 500 each gained 0.8% and the NASDAQ Composite advanced 0.6%. Meanwhile, ADP reported that May’s private-sector payroll additions fell to just 27,000 month-over-month. This marks a dramatic reduction from the 185,000 that analysts forecast—and the fewest monthly additions seen since March 2010. In other news, Walmart’s stock gained nearly 2% after CEO Doug McMillon said at the company’s annual meeting that the $7.25 federal minimum wage rate remains too low. Walmart’s minimum hourly pay is currently $11—versus the federal rate of $7.25 and retail competitors Amazon and Costco, each of which offer closer to $15 an hour.

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