Stocks Opened Lower after ADP Report

U.S. stocks opened lower on Wednesday after stronger-than-expected data on private-sector hiring once again raised concerns that the Federal Reserve may start tightening policy sooner. The Dow Jones Industrial Average lately dropped 124.97 points, or 0.73%, to 16,917.93. The S&P 500 was down 13.82 points, or 0.70%, to 1,958.47. The Nasdaq Composite shed 37.01 points, or 0.82%, to 4,456.38.

U.S. private employers added 213,000 jobs in September, just above economists’ expectations, a report by a payrolls processor showed on Wednesday.

Canada’s Club Coffee said it was suing K-cup coffee pod maker Keurig Green Mountain Inc for engaging in anti- competitive measures to maintain a near monopoly and keep single-serve coffee prices artificially high.

The U.S. Federal Aviation Administration is requiring airlines to replace cockpit displays on more than 1,300 Boeing Co airplanes to avoid interference from Wi-Fi and cellular devices.

Vivint Solar Inc.’s initial public offering priced at $16 a share, according to a person familiar with the offering, at the low end of expectations. The deal will raise about $330 million, selling 20.6 million shares.

J.P. Morgan Chase & Co. (JPM) will have to face a class-action lawsuit by investors, Reuters reported. The suit will focus on claims the investment bank misled them over the safety of $10 billion worth of mortgage- backed securities they were sold just prior to the crisis, a federal judge ruled on Tuesday.