Privately run businesses created just 37,000 new jobs in May — the smallest increase in more than two years — as the worst global trade wars since the 1930s spurred many firms to put a pause on hiring.

Futures tracking the S&P 500, Nasdaq 100, and Dow all turned slightly lower after ADP said the pace of hiring in the private sector fell to its lowest levels since March 2023. ADP said the private sector added 37,