Stocks declined on Wednesday, extending the previous session's losses as investors were concerned about rising bond yields. Tech names were the led decliners throughout the session, pulling both the S&P 500 and Nasdaq lower, while the Dow slightly dipped near its session low.
The 10-year U.S. Treasury yield resumed its recent gains on Wednesday, with the benchmark rate climbing more than 8 basis points to a high of 1.49% before retreating slightly.
U.S. private employers added fewer-than-expected jobs in February, according to the ADP's monthly employment report. Payrolls grew by 117,000 last month, following an upwardly revised gain of 195,000 in January. Consensus economists had forecasted a rise of 205,000 payrolls for February.
Meanwhile, U.S. service sector activity unexpected slowed in February, according to the Institute of Supply Management's monthly survey. The service sector purchasing managers' index PMI ticked down to 55.3 in February from 58.7 in January, which had been the highest level since early 2019. Readings about the neutral level of 50.0 indicate expansion of a sector.
Here's how the market settled on Wednesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
For Stocks, reopening names like American Airlines
For Sector Performance, sectors on the S&P 500 ended mostly lower on Wednesday, with only Industrials
For Commodities and Currency, the U.S. Dollar
For Thursday, market participants will turn their attention to fresh data for weekly unemployment claims, as well as remarks from Federal Reserve Chairman Jerome Powell at the Wall Street Journal Jobs Summit.