US stock market indices S&P 500, Nasdaq Composite and Dow Jones Industrial Average were edging lower in early trade on Wednesday after ADP National Employment Report showed job losses.
The tech-heavy Nasdaq fell 0.45% to 23,307.55 at open as Microsoft Corp.'s stock fell 2.31%. Both S&P 500 and Dow Jones traded 0.08% lower at 6,823.87 and 47,438.16 respectively.
By 10:09 a.m. local time, Nasdaq pared losses to trade 0.23% lower at 23,354.16, while S&P 500 traded little changed at 6,827.73. However, Dow Jones erased losses to trade 0.15% higher at 47,546.45.
The rest of the magnificent seven traded mix, with bellwether Nvidia down 0.57% to $180.35, Amazon.com Inc. down 1.27% to $231.43, and Meta Platforms down 0.33% to $645; while Tesla Inc. rose 2.82% to $441.33, Google-parent Alphabet rose 0.57% to $317.73, and Apple was up 0.40% to $287.43.
In November, US companies saw the most decline in payrolls since early 2023, piling on concerns around a more prominent decline in the labour market, as per Bloomberg reports.
ADP research data on Wednesday revealed that private-sector payrolls decreased by 32,000. Payrolls have now slipped four times in the last six months, the reports added.
David Russell at TradeStation told Bloomberg that, "main street is hurting as months of uncertainty and tariffs take a toll. AI is supporting parts of the economy but many small businesses don't benefit".
After the markets opened, the Dollar Spot Index slipped 0.3%, while the euro rose 0.3% to $1.1665. The British pound rose 0.6% to $1.3298 and the Japanese yen rose 0.4% to 155.32 per dollar.
Gold Spot prices rose 0.48% to 4,225.95. Crude oil prices also edged higher with the West Texas Intermediate trading 1.09% higher at $59.27 a barrel and Brent Crude trading 0.94% higher at $63.03 a barrel.
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