Stocks Opened Lower as ADP jobs report Proved Solid

U.S. stocks opened lower on Wednesday, following a report of monthly private-sector employment that came in slightly better than Wall Street expectations, potentially adding more reasons for the Federal Reserve to follow through with talk of lifting interest rates in the coming months. The Dow Jones Industrial Average lately dropped 39.24 points, or 0.21%, to 18,415.06. The S&P 500 declined 3.42 points, or 0.16%, to 2,172.70. The Nasdaq Composite gave up 6.22 points, or 0.12%, to 5,216.77.

U.S. private employers added 177,000 jobs in August, above economists’ expectations, a report by a payrolls processor showed on Wednesday. Private payroll gains in July were revised up to 194,000 from an originally reported 179,000 increase.

Oil prices on Wednesday were on track for their sharpest monthly rise since April, as hopes major oil producers will agree to freeze output sent futures rallying earlier in August. The front-month contract for West Texas Intermediate crude was set to close out August with a more than 11% jump. Brent was heading for an August climb of 12%.

Google is moving onto Uber Technologies Inc.’s turf with its own ride-sharing service in San Francisco that would help commuters carpool at far cheaper rates.