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U.S. stocks open lower after ADP report

Xinhua, August 31, 2016 Adjust font size:

U.S. stocks opened lower Wednesday as investors digested the country' s better-than-expected ADP employment report.

U.S. private sector employment increased by 177,000 jobs from July to August, above the market consensus of 175,000, according to the August ADP National Employment Report Wednesday.

The ADP figure is watched closely as a pre-indicator for the non-farm payrolls report due Friday.

Friday' s non-farm payrolls report has taken on greater importance since several Federal Reserve members opened the door to hiking interest rates in September at the Jackson Hole symposium last week.

If the U.S. labor market is robust enough, analysts said it is possible for the U.S. central bank to hike interest rates as soon as next month.

Shortly after the opening bell, the Dow Jones Industrial Average fell 26.58 points, or 0.14 percent, to 18,427.72. The S&P 500 lost 2.67 points, or 0.12 percent, to 2,173.45. The Nasdaq Composite Index was down 5.92 points, or 0.11 percent, to 5,217.07.

On Tuesday, U.S. stocks retreated as investors assessed the timing of the next interest rate hike by the Fed. Endi