US stocks drop as traders digest jobs data that shows hiring slowed in March

• US stocks edge lower on Wednesday as traders worry about the direction of the overall economy.
• The S&P 500 and Dow Jones Industrial Average ended their four-day winning streak on Tuesday.

US stocks were mixed on Wednesday as traders fret over the direction of the overall economy following new indicators that job growth is slowing.

Stocks in Tuesday's session snapped a four-day winning streak as job openings declined and top commentators warned of more bank turmoil ahead.

Investors on Wednesday were assessing ADP private payroll data, which showed that US companies added fewer jobs than forecasted last month. The figure came in at 1450,000, below expectations for 210,000 jobs added in the month.

The figures could indicate that the Federal Reserve's year-long campaign to raise interest rates may finally be weighing on the labor market.

Here's where US indexes stood shortly after the 9:30 a.m. ET open on Wednesday:

• S&P 500:4,092.97, down 0.19%
• Dow Jones Industrial Average: 33,444.71, up 0.13% (42.33 points)
• Nasdaq Composite:12,063.54, down 0.52%

Here's what else happened today:

• Billionaire investor Mario Gabelli told Insider he's bracing for pressure on stocks and house prices, along with more banking fallout.

• Investors are wagering $3.7 billion against Toronto-Dominion, making it the world's most-shorted bank.
• China's yuan surpassed the US dollar as the most-traded currency in Russia on Tuesday.
• A sector of the commercial real estate market is feeling the strain of higher rates and tighter lending standards, with apartment building sales in the first quarter of 2023 posting the steepest decline since the 2008 Financial Crisis.

• In commodities, bonds and crypto:

  • West Texas Intermediate crude oil fell 0.2% to $80.49 per barrel. Brent crude, oil's international benchmark, dropped 0.18% to $84.78.
  • Gold rose 0.1% to $2,040.80 per ounce.
  • The yield on the 10-year Treasury fell two basis points to 3.30%.
  • Bitcoin jumped 0.7% to $28,397, while ether jumped 2.2% to $1,911.50.