US stocks dip as oil prices fall

NEW YORK: Wall Street stocks dipped early Wednesday, pausing from the prior session’s rally, as US oil prices retreated.

About 30 minutes into trade, the Dow Jones Industrial Average stood at 16,803.55, down 61.53 points (0.36 percent).

The broad-based S&P 500 shed 5.63 (0.28 percent) to 1,972.72, while the tech-rich Nasdaq Composite Index lost 9.61 (0.20 percent) at 4,679.89.

Oil prices in New York fell ahead of a closely-watched US petroleum inventory report.

Payroll firm ADP reported the US economy added 214,000 jobs in February, better than the 190,000 expected by analysts.

US stocks jumped more than two percent Tuesday on better economic data and hopes that new central bank moves will boost the Chinese economy.

Bank shares were up somewhat, with Bank of America gaining 1.1 percent and JPMorgan Chase rising 0.3 percent.

But large technology equities were mostly lower. Apple fell 0.3 percent, Google 0.4 percent and Microsoft 0.6 percent.

Dow member ExxonMobil dropped 0.6 percent as it said it would trim its 2016 capital budget by 25 percent to $23 billion in light of lower commodity prices.

Agricultural giant Monsanto fell 5.6 percent as it slashed its profit forecast for 2016, citing the effects of the strong dollar, weak commodity prices and a delay in US regulatory approval of the dicamba herbicide.

Ross Stores climbed 4.0 percent as fourth-quarter net income rose six percent to $264 million behind a four percent rise in comparable store sales.