Wall Street Opens Lower as Strong ADP Stokes Rate Fears; Dow down 80 Pts By Investing.com

Wall Street Opens Lower as Strong ADP Stokes Rate Fears; Dow down 80 Pts
© Reuters.

By Geoffrey Smith 

Investing.com — U.S. stock markets opened mostly lower on Wednesday after a strong report on private-sector hiring in October strengthened fears that the Federal Reserve may accelerate its timetable for raising interest rates. 

ADP reported that 571,000 people found work in the private sector in the month through mid-October, far more than the 400,000 expected and a number only partly mitigated by a downward revision of 45,000 to its report for September. The report suggests that the labor market has shaken off the bout of weakness caused by the wave of Delta-variant Covid-19 in the summer and that people are being sucked back into work as companies raise wages to cover labor shortages.

By 9:45 AM ET (1345 GMT), the was down 84 points, or 0.2%, at 35,969 points. The was down 0.1% and the was down a little less than 0.1%. All three had closed at record highs on Tuesday, bolstered by a broadly positive earnings season and signs that the bond market had already priced in some modest monetary policy tightening from the Federal Reserve.

 

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