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U.S. stocks extend losses after ADP report

Xinhua, September 1, 2016 Adjust font size:

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

By midday, the Dow Jones Industrial Average fell 81.74 points, or 0.44 percent, to 18,372.56. The S&P 500 lost 9.92 points, or 0.46 percent, to 2,166.20. The Nasdaq Composite Index decreased 19.28 points, or 0.37 percent, to 5,203.71.

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 on 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.

Meanwhile, U.S. pending home sales expanded in most of the country in July and reached their second highest reading in over a decade, announced the National Association of Realtors Wednesday.

The Pending Home Sales Index rose 1.3 percent to 111.3 in July from a downwardly revised 109.9 in June. The index is now at its second highest reading this year after April (115.0).

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