Wednesday's early trade: Wall Street slips as monthly private payrolls disappoint

NEW YORK: Wall Street fell on Wednesday, with the S&P 500 and the Nasdaq retreating from the record levels hit in the previous session as fewer-than-expected private job additions in November added to concerns about the near-term pressure on the economy. The biggest drag on the blue-chip Dow was a near 10% drop in Salesforce.com Inc after it agreed to buy workplace messaging app Slack Technologies Inc in a $27.7 billion deal as it bets on an extended run for remote working.

The private jobs data is the latest sign that soaring new infections and business restrictions were hampering the labour market's recovery. The more crucial employment report is expected on Friday.

At 09:48 a.m. ET, the Dow Jones Industrial Average fell 125.87 points, or 0.43%, to 29,698.05 and the S&P 500 lost 15.71 points, or 0.44%, to 3,646.36. The Nasdaq Composite lost 130.30 points, or 1.08%, to 12,222.18, weighed down by a 6% slide in shares of soon-to-be an S&P 500 member Tesla Inc.