U.S. stocks waver narrowly amid oil decline, jobs data

U.S. stocks traded lower in the morning session Thursday as investors meditated on a dip in oil prices and newly-released jobs data.

Around noon, the Dow Jones Industrial Average fell 36.30 points, or 0.20 percent, to 17,753.37. The S&P 500 decreased 4.77 points, or 0.23 percent, to 2,094.56. The Nasdaq Composite Index was down 7.05 points, or 0.14 percent, to 4,945.21.

Oil prices traded lower around midday Thursday after the Organization of the Petroleum Exporting Countries (OPEC) ended a meeting without setting a ceiling for its production.

On the economic front, U.S. private sector employment increased by 173,000 jobs from April to May, slightly below market consensus of 175,000, said the May ADP National Employment Report Thursday.

In the week ending May 28, the advance figure for seasonally adjusted initial jobless claims was 267,000, a decrease of 1,000 from the previous week's unrevised level, the U.S. Labor Department said Thursday.

Meanwhile, investors were still sifting through the Federal Reserve's Beige Book released Wednesday afternoon. U.S. economy reported modest growth in April through mid-May, and the tight labor market is pushing up wage and price pressures, according to the Beige Book.

Fed officials have said that they expect to raise interest rates in the coming months, if the economy continues to improve.

The uncertainty over the timing of a next rate hike has weighed on market sentiment recently. Endit