Stock Market Today: Stocks Swing Lower as Oil Prices Retreat

A bad-news-is-good-news jobs report sent the main indexes higher at the open, but they didn't stay there for long.

closeup of stock chart with teal and orange bard and dashed blue moving average
(Image credit: Getty Images)

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.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Karee Venema
Senior Investing Editor,

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.