(MENAFN- ProactiveInvestors)Following the story of the European indices Wall Street shares headed lower at the open as traders digested earnings reports and economic data on the US economy which was worse than expected. As is customary ahead of the closely watched non-farm payrolls on Friday the private ADP payroll stats were published midweek. They showed job creation for April at 156000 which was well short of the 200000 jobs which had been expected. It all feeds into thoughts that the US economy is not exhibiting the pace of growth that some have said exists. The jobs number on Friday will be closely watched as an indicator on what the Federal Reserve (the US Central bank) may do on interest rates. In early deals and at the time of writing the benchmark Dow Jones Industrial Index was down over 52 points at 17698 while the S&P500 shed over eight at 2054. The tech heavy Nasdaq was down 16 at 4746. Broadcaster and media behemoth Time Warner Inc (NYSE:TWX) shares headed north after the firm posted profits and revenue for its first quarter which beat Wall Street's expectations. Computer firm Cray (NYSE:CRAY) was a big loser shedding over 24% on Nasdaq as first quarter results failed to impress.
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