U.S. stocks fell on Wednesday after the earnings of a major automaker and a private sector jobs report came in lower than expected.
The Dow Jones Industrial Average shed 323.73 points, or 0.9%, and closed near its session low at 34,792.67. The S&P 500 slipped about 0.5% to finish at 4,402.66, while the Nasdaq Composite ticked up 0.1% to 14,780.53. The dip for the broader market came after the S&P 500 set a record closing high on Tuesday.
The ADP private payroll survey showed a gain of 330,000 jobs for July, well short of the consensus estimate of 653,000. The Labor Department’s official jobs report, which typically has more impact with investors, will be released on Friday.
Second-quarter earnings and economic data have been strong overall, but some investors are worried that the rebound from last year’s pandemic will slow from here.
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