Stocks jumped higher out of the gate Wednesday thanks to the latest jobs data. By mid-afternoon, however, the main indexes had erased these earlier gains as oil prices crumbled.
Ahead of the open, ADP said the U.S. added 103,000 private payrolls in November, below economists' estimates for a gain of 128,000. The data also showed that annual wage growth slowed to its lowest level since 2021 for both job-stayers (+5.6%) and job-changers (+8.3%). The ADP jobs data is the latest sign that the hot labor market is starting to cool, and comes ahead of the Labor Department's monthly nonfarm payroll report, which will be released this Friday.
