- US stocks closed lower Wednesday following volatile swings in the final minutes of the trading session.
The S&P 500 energy sector gained on the back of rising oil prices, after OPEC+ decided to cut production by 2 million barrels a day.
ADP said jobs at private-sector employers increased by 208,000 in September.
US stocks finished lower Wednesday following volatile swings in the final minutes of the trading session, retreating from a massive two-day rally to begin the week.
Stocks had sagged for much of the session, then darted into positive territory near the end of the day, only to reverse those short-lived gains by the close. The S&P 500's energy sector rose with oil prices advancing after OPEC+ said it will cut production by 2 million barrels a day starting in November.
"The recent bounce can probably be chalked up to deeply oversold conditions plus a few positive items on the Fed 'pivot' narrative, including a large decrease in US job openings and the lower-than-expected rate hike in Australia," Ross Mayfield, Investment Strategy Analyst, Baird Private Wealth Management, told Insider in emailed comments.
"However, the bar for a true Fed 'pivot' remains much higher, and there are still few signs that core inflation is easing enough for the Fed to get comfortable," he said.
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