(MENAFN- ProactiveInvestors) U.S. stocks tumbled further on Wednesday after a private sector jobs report fell short of estimates in February and as oil prices lost ground.
As of noon in New York the Dow Jones Industrial Average was off 106 points at 18097 while the Nasdaq fell 17 points to 4963 and the S&P 500 lost 11 points to 2097.
U.S. stocks also retreated on Tuesday falling from highs reached in the previous session. The S&P 500 has come off its biggest one day drop since the end of January.
The first of two key jobs reports this week was released this morning with ADP saying that 212000 private sector jobs were added in February compared to expectations for 218000 and below January's revised gain of 250000. January's gain was originally reported as 213000.
The news comes ahead of the government's all-important monthly jobs report on Friday where economists expect nonfarm payrolls to have risen by 238000 down from a gain of 257000 in January.
Also on today's economic calendar the Institute for Supply Management said its non-manufacturing index edged up to 56.9 from 56.7 in January. The index was expected to slide to 56.1. In the afternoon the Fed will release its Beige Book the region-by-region assessment of the U.S. economy at 2:00pm ET.
In corporate activity () fell more than 13% as despite posting a better-than-expected fourth quarter profit sales missed targets. Same store sales also fell 10%.
American Eagle Outfitters () meanwhile surged over 10% after its profit and revenue beat estimates.
() also rose around 2.6% after the maker of digital video recorders reported quarterly profit three cents above estimates while revenue also beat forecasts on a rise in customer subscriptions.
Smith & Wesson () jumped almost 11% after it earned an adjusted profit of 20 cents in its latest quarter nine cents above Street estimates. Revenue also topped views and the company raised its guidance for the full year on renewed demand for consumer handguns.
In other news Target () said late yesterday that it will cut several thousand jobs over the course of the next two years as part of a $2 billion restructuring plan. The retailer also said it expects digital sales to increase 40% this year and same store sales to rise between 1.5% and 2.5%. Shares were wavering between gains and losses.
() has rejected a request to change the way directors of its company are chosen. Activist investor Nelson Peltz's Trian Fund Management has been battling with the company for "universal proxy" which lets shareholders split votes between company-backed directors and those nominated by activists.
European markets finished higher today led by gains in Germany following a final estimate of a closely-watched survey of the region's services and manufacturing sectors. The composite reading of Markit's PMI came in at 53.3 in February weaker than the preliminary reading.
China's Shanghai Composite Index rose 0.5% after activity in the country's services sector grew slightly in February with HSBC's Services PMI rising to 52.0 from 51.8 in January while a sub-index showed new orders rising at their fastest pace in three months.
Crude oil futures in New York turned lower on Wednesday last down 73 cents at $49.78 a barrel after the Information Administration reported a much higher-than-expected jump in crude supplies. Crude inventories rose by 10.3 million barrels for the week that ended February 27 compared to an expected climb of 3.7 million barrels. API data late yesterday meanwhile showed supply was up less than expected.
Gold futures for April delivery slid $2 to $1202 an ounce on the Comex.
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