WEED:CC - Weakening Job Market Makes for Lower Stocks Midday
The S&P 500 slipped on Wednesday as traders assessed the state of the global economy following a losing session.
The Dow Jones Industrials remained ahead 34.91 points to 33,439.29.
The S&P 500 moved lower 21.66 points to 4,078.94.
The NASDAQ dropped 173.06 points, or 1.4%, to 11,953.27.
Wednesday's losses were stemmed by solid gains for a few large stocks. Johnson & Johnson shares rose 3% after the pharmaceutical company said Tuesday it would pay $8.9 billion over the next 25 years to settle claims that its talc products caused cancer. FedEx climbed more than 2% after announcing a reorganization and dividend hike.
Meanwhile, the energy market added to uncertainty this week after OPEC+ said it would cut output by 1.16 million barrels of oil per day.
Wednesday's moves came as traders mulled over the latest ADP private payroll report, which showed slowing job growth in March. That followed Tuesday's job openings report that suggested the Federal Reserve's efforts to cool the labour market might finally be having an effect. In February, the number of available positions fell below 10 million for the first time in nearly two years.
Prices for the 10-year Treasury strengthened, lowering yields to 3.28% from Tuesday 3.35%. Treasury prices and yields move in opposite directions.
Oil prices listed lower 58 cents to $80.13 U.S. a barrel.
Gold prices nicked up $2.50 to $2,040.70 U.S. an ounce.