Stocks Fluctuated in Early Trading, Tech Shares Tumbled

U.S. stocks fluctuated in early trading on Wednesday, with technology company shares tumbling, as traders awaited final results of the Georgia Senate runoff elections. The Dow Jones Industrial Average lately rose 159.94 points, or 0.53%, to 30,551.54. The S&P 500 edged up 4.65 points, or 0.12%, to 3,731.51. The Nasdaq Composite dropped 110.40 points, or 0.86%, to 12,708.56.

Oil futures edged lower on Wednesday, after Saudi Arabia surprised traders with a unilateral production cut. West Texas Intermediate crude for February delivery fell 29 cents, or 0.6%, to $49.64 a barrel. March Brent crude was down 6 cents, or 0.1%, at $53.54 a barrel.

The U.S. private sector unexpectedly shed jobs in December as employment trends weakened sharply across the country before Congress passed its latest virus-relief package. Private payrolls fell by 123,000 during the final month of 2020, according to ADP’s closely watched report, marking the first monthly decline since April.

Ford Motor Corp on Wednesday posted a 9.8% fall in quarterly U.S. auto sales, partly hurt by lower truck sales during the COVID-19 pandemic. The No.2. U.S. automaker sold 542,749 vehicles in the fourth quarter, down from 601,862 a year earlier.