Stock Market Today: S&P 500, Nasdaq End at Record Highs Ahead of July 4th
Wednesday's abbreviated session was jam-packed with news, including labor market updates and Southwest Airlines' "poison pill."


The main indexes were choppy in Wednesday's abbreviated session. Although volume was thin ahead of tomorrow's stock market holiday, there were plenty of headlines to sift through for those who stuck around.
Jobs data dominated the economic headlines. For one, the Labor Department said initial jobless claims rose by a more-than-expected 4,000 last week to 234,000.
Separate data from ADP showed private payrolls added 150,000 new jobs in June. That was below what economists were expecting and represented the smallest gain in five months. The report also showed that wages for job stayers increased 4.9% year-over-year, the smallest annual increase since August 2021.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
However, the most-anticipated event on this week's economic calendar is the monthly jobs report, due out Friday morning.
Outside of the labor market, data from the Institute for Supply Management (ISM) showed its Services Purchasing Managers Index (PMI) unexpectedly slipped into contraction territory in June, falling to 48.8% from May's 53.8%. This is the second time in three months the index has come in below the 50 level, indicating decelerating activity.
Today's busy batch of data helped boost expectations that rate cuts could start sooner rather than later. According to CME Group's FedWatch Tool, futures traders are now pricing in a 67% chance the first quarter-point rate cut will come in September, up from 63% one day ago.
Southwest adopts a poison pill
In single-stock news, Southwest Airlines (LUV, +1.6%) said its board of directors approved a shareholder rights plan after activist investor Elliott Management disclosed an 11% stake in the discount air carrier last month.
The rights plan, also known as a poison pill, will go into effect once a shareholder accumulates a 12.5% stake in Southwest and is meant to protect LUV investors.
Paramount jumps nearly 7% on latest M&A update
Elsewhere, Paramount Global (PARA) jumped 6.9% today on news Skydance Media has reportedly reached a preliminary agreement to buy National Amusements, which owns roughly 77% of PARA's voting stock. The various parties have been embroiled in complicated buyout talks for some time now and this latest move paves the way for a potential Paramount-Skydance merger, according to The Wall Street Journal.
Paramount stock is a former member of the Berkshire Hathaway equity portfolio, with Warren Buffett & Co. initiating a stake in the media company in Q1 2022. However, at Berkshire's annual meeting in May, Buffett said the holding company exited its stake, adding "we lost quite a bit of money" on the position.
As for the main indexes, the Nasdaq Composite rose 0.9% to 18,188 and the S&P 500 gained 0.5% to 5,537, both new record closes. The Dow Jones Industrial Average slipped 0.06% to 39,308.
Editor's note: This article initially stated that Paramount is still a member of the Berkshire Hathaway portfolio. It has been updated to reflect that the holding company sold out of its PARA stake in Q2 2024.
Related content
- 30 Early Walmart Deals Ahead of the Big Sales Event
- How to Find the Best Industrial Stocks
- When Is Amazon Prime Day?
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Stocks Can't Hold Meta, Microsoft Gains: Stock Market Today
The main indexes all opened higher Thursday on impressive Big Tech earnings, but momentum faded into the close.
-
Retirement Health Care Costs Are On the Rise: What You Need to Know
A 65-year-old retiree will face significantly higher lifetime health care costs than they would have a year ago, even with Medicare. Here are the surprising totals.
-
Stocks Can't Hold Meta, Microsoft Gains: Stock Market Today
The main indexes all opened higher Thursday on impressive Big Tech earnings, but momentum faded into the close.
-
Three Ways to Find Deals in Your Investments This Year
Looking for ways to save because of tariffs? Don't forget to look for deals in your investments. Here are three expert tips for making a little extra this year.
-
How to Invest for a Fall Interest Rate Cut by the Fed
A lot can happen between now and then, but the probability the Fed cuts interest rates before the end of the year is better than 85%.
-
You Don't Have to Be Wealthy to Need a Wealth Manager
Navigating complex financial decisions is hard on your own, no matter how much money you have. A wealth manager can provide comprehensive financial planning, investment management, risk management and more.
-
Despite Tariffs, These Investment Experts Are Bullish on European Equities
European equities were one of the better-performing investments during the first half of 2025. They could be a good long-term prospect for U.S. investors needing to diversify, according to these investment managers.
-
Stocks Are Up and Down on Fed Day: Stock Market Today
In another sign of changing times, JPMorgan has partnered with Coinbase to enable cryptocurrency purchases with credit cards.
-
What Federal Interest Rates Mean for Your Grocery Bill
The relationship between grocery prices and the Federal Reserve has plenty of back-and-forth. Understand how they interplay.
-
5 Undervalued Stocks to Buy Now
There are plenty of high-quality undervalued stocks to buy right now, you just need to know where to look. Here, we highlight five of our top picks.