NEW YORK: Wall Street stocks were mixed early Wednesday as markets weighed disappointing hiring data against expectations for lower Federal Reserve interest rates.
The US private sector shed 32,000 jobs in November, according to payroll firm ADP. Analysts had expected an addition of 20,000 jobs, according to Briefing.com.
“There’s no way to portray that as good news, unless, of course, you’re a stock trader who is focused more on the likelihood for Fed cuts than you are about what it says about the economy,” said Steve Sosnick of Interactive Brokers.
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.2 percent at 47,578.40.
US stocks open slightly up ahead of data release
The broad-based S&P 500 dipped 0.1 percent to 6,822.98, while the tech-rich Nasdaq Composite Index dropped 0.4 percent to 23,313.56.
Sosnick said the ADP figures could take on greater significance for the Fed in light of the dearth of fresh labor market data due to a lengthy government shutdown.
The US central bank is widely expected to cut interest rates next week.
Among individual companies, Delta Air Lines rose 2.4 percent as the company said travel demand remains healthy following a temporary softening due to the government shutdown.
The airline said it expects a $200 million hit from the shutdown to fourth-quarter results.
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