NEW YORK: Wall Street stocks retreated early Wednesday following two strong sessions as markets digested solid US hiring data and awaited details of an expected production cut by global oil exporters.
US private employment increased by 208,000 last month as schools reopened and pandemic concerns receded, up compared to August, according to data from payroll firm ADP.
The report comes ahead of Friday’s key government jobs release, which will be scrutinized for its implications for Federal Reserve interest rate hikes.
Hopes that the Fed could moderate its stance have fueled the equity market rally the last two days.
About 15 minutes into trading, the Dow Jones Industrial Average was down 0.9 percent at 30,054.40.
Nasdaq jumps as easing Treasury yields lift growth stocks; Twitter surges
The broad-based S&P 500 dropped 1.1 percent to 3,749.87, while the tech-rich Nasdaq Composite Index fell 1.5 percent to 11,009.16.
Oil prices climbed early Wednesday as markets awaited final word from the OPEC meeting in Vienna.
The 13-nation OPEC cartel and its 10 Russian-led allies is reportedly considering a reduction in output of up to two million barrels a day – which would be the biggest cut since 2020.
Twitter fell 2.1 percent after jumping more than 20 percent Tuesday following the revival of Elon Musk’s bid to acquire the social media company.
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