U.S. Stocks Open Lower as Growth-Charged Rally Fades
- Wall Street dips as growth shares offset energy gains
- Apple (AAPL) shares slide after TF Securities analyst cuts estimates on supply worries
- Santa Clauss rally? BofA says charts suggest a year-end rally in S&P 500
- Citi's Montagu sees risk for another S&P 500 short squeeze on futures positioning
- Stocks, dollar dip while oil gains on China hopes
By Liz Moyer
Investing.com -- U.S. stocks opened lower after data about private payrolls showed strong demand for labor despite rising interest rates.
At 9:40 ET (13:40 GMT), the Dow Jones Industrial Average was down 283 points, or 0.9%, while the S&P 500 was down 1.1% and the NASDAQ Composite was down 1.4%.
Tech stocks had staged a mini rally to start the month and the fourth quarter. Treasury yields also fell. But that reversed on Wednesday, at least in early trading.
The 10-year Treasury rose to 3.729%, up 3.1%.
The ADP nonfarm payrolls report employers increased their hiring in September. The reading was 208,000, slightly higher than expectations. Investors are anticipating Friday’s broader jobs report from the government.
The rally on Monday and Tuesday was fueled by hopes that the Federal Reserve could begin to ease off its interest rate hikes, though a stronger than expected labor market could toss a wet blanket on those hopes.
Twitter Inc (NYSE: TWTR) shares fell 2% in early trading after surging 22% on Tuesday when Elon Musk said he would pursue his deal to buy the company at his originally offered price.
Oil rose as delegates from major oil producing nations met in Vienna to decide on production levels. Crude Oil WTI Futures was up 0.6% to $86.95 a barrel, while Brent Oil Futures crude rose 0.7% to $92.41 a barrel. Gold Futures fell 0.7% to $1717 an ounce.
You May Also Be Interested In
- Will we have a Christmas rally this year? Here's what the experts have to say
- S&P 500 Erases Gain, Down 0.2%, Nasdaq Down 0.4%
- U.S. crude turns positive, Brent pares losses on OPEC+ cut rumors
Create E-mail Alert Related CategoriesMarket Check
Related EntitiesStandard & Poor's, Twitter, Crude Oil
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!