NEW YORK (AP) – U.S. stocks are slightly lower Wednesday morning as energy companies and makers of chemicals and other materials take the biggest losses. A survey of private employers showed that hiring continued at a solid pace in August, but stocks are wrapping up a quiet month.
KEEPING SCORE: The Dow Jones industrial average fell 20 points, or 0.1 percent, to 18,434 as of 10:07 a.m. Eastern time. The Standard & Poor’s 500 index gave up 3 points, or 0.2 percent, to 2,172. The Nasdaq composite dipped 5 points, or 0.1 percent, to 5,218.
JOBS DATA: Private U.S. businesses added 177,000 jobs in August, according to a survey by payroll processor ADP. After weak hiring this spring, results from July and August suggest employers are bringing on workers at a healthy clip. The federal government will release its own jobs figures on Friday, and analysts expect a gain of 180,000 jobs. Investors think the Federal Reserve is more likely to raise interest rates later this year if hiring stays solid.
TAXED: Tax preparer H&R Block reported a bigger first-quarter loss and less revenue than analysts expected. The company recently sold its bank business, which reduced revenue. H&R Block stock dropped $2.48, or 10.2 percent, to $21.72.
WHISKEY SOUR: Brown-Forman, the maker of liquors including Jack Daniel’s whiskey and Finlandia vodka, slumped after its sales fell short of estimates. Brown-Forman said its results were hurt by weak sales in emerging markets and the strong dollar, which makes U.S. goods more expensive overseas. The stock declined $2.25, or 4.5 percent, to $48.08.