Stocks rise despite downbeat jobs data as Fed rate cut odds seen rising Stocks had a strong open amid a carry-over in yesterday's excitement over what was being read as a dovish shift at the Federal Reserve. The early strength faded as investors questioned if it is really a positive if the Fed is responding to a material deterioration in growth momentum, as hinted at by today's lackluster ADP jobs data. However, the potential for central bank action is carrying the day, with stocks back near session highs near noon despite WTI crude prices sliding after the weekly Department of Energy report exacerbated supply-side concerns. ECONOMIC EVENTS: In the U.S., the ADP private payroll survey showed jobs increased only 27,000 in May, which was down from 271,000 in April and a big miss compared to the consensus forecast for 185,000 job additions. The final Markit services PMI was unrevised at 50.9, down from 53.0 in April. The non-manufacturing ISM index for May came in at 56.9, bouncing 1.4 points from last month and better than the 55.4 forecast. TOP NEWS: Shares of Salesforce (CRM) are up 4% at midday after the company reported quarterly results that CEO Marc Benioff said he was "thrilled with." Salesforce "bucked investor fears" last night with its "strong" fiscal Q1 results, Jefferies analyst John DiFucci said. While fiscal 2020 revenue guidance was only maintained, he views the move as "prudent given the uncertain macro backdrop," DiFucci added. Campbell Soup (CPB) is also rising after earnings, with the soup and packaged foods maker gaining 9% after its better than expected quarterly report and guidance hike. Meanwhile, GameStop (GME) shares have plunged 38% after the company reported sales below expectations in Q1 due to hardware declines and continued weakening of used product sales. The game retailer also said it will eliminate its dividend payments. Benchmark analyst Mike Hickey reiterated his Sell rating on GameStop shares and cut his price target on the stock from $9 to $5 "as business burns to the ground," telling investors that he sees the company having "little value" amid the industry's on-going transition to the digital economy. MAJOR MOVERS: Among the noteworthy gainers was Cronos Group (CRON), which rose 9% after BofA Merrill Lynch analyst Christopher Carey double upgraded the stock to Buy from Underperform and raised his price target for the shares to $20 from $13. Also lower was Vera Bradley (VRA), which gained 8% after reporting quarterly results. Among the notable losers was InflaRx (IFRX), which plummetted 90% after the IFX-1 Phase IIb study in hidradenitis suppurativa patients did not meet its primary endpoint. Also lower were Pivotal (PVTL) and Guidewire (GWRE), which fell a respective 45% and 5% after reporting quarterly results. INDEXES: Near midday, the Dow was up 120.04, or 0.47%, to 25,452.22 , the Nasdaq was up 19.02, or 0.25%, to 7,546.13 , and the S&P 500 was up 11.48, or 0.41%, to 2,814.75. Symbols: $CRM $GME $CPB $CRON $VRA $IFRX $PVTL $GWRESource: (thefly.com)