Markets await updates from Chair Powell as Fed set to keep interest rates at 23-year high

Hiring activity in the US private sector was stronger than expected last month, according to the latest employment estimates from payroll processor ADP. Employers added 192,000 jobs in April, down from the previous month’s gains. Economists had projected a net gain of 175,000 jobs. ADP’s national employment report showed job growth in all large industries except for the information sector, which lost 4,000 jobs. Wage gains showed a slight moderation, with annual pay up 5%. The ADP report is often considered as a proxy for overall hiring activity.