Stocks Opened Lower amid More Weak Data

U.S. stocks opened lower on Wednesday, after a weak batch of economic data sparked concerns over the pace of global and domestic growth. The Dow Jones Industrial Average lately fell 267.22 points, or 1.01%, to 26,305.82. The S&P 500 shed 30.50 points, or 1.04%, to 2,909.75. The Nasdaq Composite was down 86.39 points, or 1.09%, to 7,822.29.

Oil futures rose Wednesday ahead of government data on U.S. crude inventories, buoyed by figures from a trade group that showed an unexpected decline in stocks. West Texas Intermediate crude for November delivery rose 33 cents, or 0.6%, to $53.95 a barrel, while December Brent gained 27 cents, or 0.5%, to $59.16 a barrel.

ADP/Moody’s monthly jobs report showed private payrolls rose by 135,000 in September, marking the slowest gain since June and coming in below expectations for a gain of 140,000, according to consensus economists polled by Bloomberg.

Ford Motor Co. reported third-quarter vehicle sales fell 4.9% from a year ago to 580,251 vehicles, as a 10.5% drop in sport-utility vehicle (SUV) sales and a 29.5% tumble in car sales offset an 8.8% rise in truck sales.