U.S. stock futures pared back gains on Wednesday after private sector hiring hit its lowest level in more than two years, raising concerns trade policy uncertainty could be weighing on the U.S. economy. Dow Jones Industrial Average futures hovered around the flatline after earlier gains. S&P 500 futures and Nasdaq 100 futures were also flat. The Dow appeared on track for its fifth day of gains until weak jobs data knocked futures into the red. A report from payrolls processing firm ADP showed that payrolls increased only 37,000 for the month, less than the downwardly revised 60,000 in April and below the consensus forecast of 110,000 that economists polled by Dow Jones were expecting. The report casts a pall over Friday’s all-important government nonfarm payrolls report, which economists currently expect to show an increase of 125,000 jobs for May, according to a Dow Jones survey. President Donald Trump blasted Federal Reserve Chairman Jerome Powell right after the ADP numbers came out, saying “Too Late Powell” should cut rates. Wall Street is coming off a solid stretch with strong gains in tech stocks allowing investors to look past any worries about tariffs or the economy. The 30-stock Dow rose more than 200 points, or 0.5%, for its fourth positive day on Tuesday. Nvidia rose nearly 3%, surpassing Microsoft to become the world’s most valuable public company once more. Nvidia shares continued its gains in the premarket Wednesday, along with Broadcom, helping to support stock futures. The artificial intelligence darling rose about 0.5%, while Broadcom gained 0.8%. Meta Platforms and Alphabet also ticked higher before the bell. The recent gains have investors increasingly confident stocks have turned a corner on tariffs, especially after a series of reversals from President Donald Trump convinced traders the White House is mainly wielding high levies as a negotiating tool. A federal court striking down Trump’s tariffs just last week added to hopes the market has priced in the worst of the tariffs, though they were later reinstated temporarily by an appeals court. Trump posted earlier that dealing with Chinese President Xi Jinping has been “extremely hard.” After Tuesday’s gains, the S&P 500 now sits less than 3% from its 52-week high. The Nasdaq, meanwhile, is less than 4% from its recent high, and the Dow is less than 6%. U.S. Treasury yields tumbled Wednesday in response to a report that private sector job creation in May was the weakest in more than two years, prompting President Donald Trump to urge the Federal Reserve to lower interest rates and as 50% steel tariffs went into effect. The 2-year yield dropped almost four basis points to 3.92%, the 10-year Treasury yield fell nearly six basis points to 4.402% while the 30-year long bond yield sank 6.3 basis points to 4.92%. Asia-Pacific markets advanced Wednesday after Wall Street rose on the back of a tech rally, led by chipmaker Nvidia, with South Korean stocks leading gains. South Korean markets rose as opposition party leader Lee Jae-myung won the presidential election. The Kospi index popped 2.66% to end the day at 2,770.84, hitting its highest level since August last year, while the small-cap Kosdaq advanced 1.34% to 750.21. Meanwhile, Chinese and Hong Kong markets were little changed after U.S. President Donald Trump commented that it was ‘extremely hard’ to strike a deal with his counterpart Xi Jinping, as a trade stalemate fueled calls for the leaders to talk. Mainland China’s CSI 300 index moved up 0.43% to close at 3,868.74, while Hong Kong’s Hang Seng Index added 0.6% to 23,654.03. In Japan, the benchmark Nikkei 225 climbed 0.8% to end the day at 37,747.45, while the broader Topix index rose 0.51% to 2,785.13. Australia’s S&P/ASX 200 ended the day 0.89% higher at 8,541.80. Oil prices edged lower in early Asian trade on Wednesday, weighed down by a loosening supply-demand balance following increasing OPEC+ output and lingering concerns over the global economic outlook due to tariff tensions. Brent crude futures dipped 5 cents, or 0.1%, to $65.58 a barrel by 0040 GMT while U.S. West Texas Intermediate crude was at $63.32 a barrel, down 9 cents, or 0.1%. Gold prices rose on Wednesday as uncertainty over U.S.-China trade relations and global economic concerns bolstered safe-haven demand, with a weaker dollar providing additional support. Spot gold rose 0.6% at $3,370.67 an ounce as of 0209 GMT. U.S. gold futures were up 0.5% to $3,394.90.