US STOCKS-Wall St gains as weak private jobs data raises rate cut bets

* U.S. ADP payroll change lowest since March 2010
* Bets of an interest rate cut increase; banks fall
* Campbell Soup, Salesforce.com gain after forecasts
* Utilities, real estate, consumer staples gain the most
* Indexes up: Dow 0.46%, S&P 0.32%, Nasdaq 0.17%

(Changes comment, adds details, updates prices)
By Medha Singh
June 5 (Reuters) - U.S. stocks rose on Wednesday as
expectations of an interest rate cut by the Federal Reserve were
lifted following the weakest pace of private sector jobs growth
in more than nine years in May.
Hopes of a rate cut were rekindled on Tuesday after Fed
Chairman Jerome Powell said the central bank would respond "as
appropriate" to risks posed by a global trade war, after similar
dovish remarks from St. Louis Federal Reserve President James
Bullard.
The ADP National Employment Report showed that U.S. private
employers added 27,000 jobs last month, much below expectations
of a 180,000 increase. Analysts blamed the weakness on
heightening global trade tensions. The data, which comes ahead of the more comprehensive
nonfarm payrolls from the Labor Department on Friday, increased
the likelihood that the U.S. central bank would cut interest
rates by at least 75 basis points through December. MMT/
Markets are supported by "comments from Jerome Powell and the
very weak reading on the jobs front which is being interpreted
as further rationale for a rate cut," said Mike Loewengart,
vice-president of investment strategy at E*Trade Financial in
New York.
Banking stocks .SPXBK , which typically benefit from a
rising interest rate environment, slipped 0.50%, while the
broader financial sector .SPSY fell 0.17%.
Fears of a global slowdown resurfaced last month following a
sudden escalation in the trade tensions between the United
States and China last month, putting the tech-heavy Nasdaq in
correction territory and pulling the benchmark S&P 500 index
.SPX 5% away from its record high hit on May 1.
The gains were capped energy sector's .SPNY 1.45% drop,
the most among five S&P sectors trading lower, as crude prices
extended declines. O/R
At 11:23 a.m. ET, the Dow Jones Industrial Average .DJI
was up 117.64 points, or 0.46%, at 25,449.82, while the S&P 500
.SPX was up 8.85 points, or 0.32%, at 2,812.12. The Nasdaq
Composite .IXIC was up 12.44 points, or 0.17%, at 7,539.56.
The defensive utilities .SPLRCU and real estate .SPLRCR
were among the best performing S&P sectors.
Apple Inc AAPL.O was the only gainer among the high-growth
FAANG stocks, up 2%. Others in the group - Amazon.com AMZN.O ,
Facebook Inc FB.O , Alphabet Inc GOOGL.O and Netflix Inc
NFLX.O - lost between 0.1% and 1.1% and pressured the Nasdaq.
Campbell Soup Co CPB.N jumped nearly 9%, the most on the
S&P index, after the food company raised its full-year profit
forecast.
Salesforce.com Inc CRM.N rose 3.2% after a quarterly beat
and above expectations full-year forecast. Declining issues outnumbered advancers for a 1.24-to-1 ratio
on the NYSE and for a 1.61-to-1 ratio on the Nasdaq.
The S&P index recorded 45 new 52-week highs and six new
lows, while the Nasdaq recorded 50 new highs and 65 new lows.