Stocks are red
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Near 9:32 a.m. ET, the Dow was down 43 points, the S&P 500 was down 4 points, and the Nasdaq was down 5 points.
The Nasdaq rallied 2% on Tuesday and had its best day since August, while the S&P 500 rose to a seven-week high. The Dow closed up 348 points, or 2%. And so after this rally, we're seeing some moderate profit-taking.
In other markets, crude oil was also trading lower, with West Texas Intermediate crude down 1.5% to about $33.86 per barrel. Crude came under pressure Tuesday after inventory data from the American Petroleum Institute showed a massive build by 9.9 million barrels, which was more than expected.
The Energy Information Administration will release its numbers this morning.
The economic data calendar is light today. Earlier, ADP's private-payroll report showed an increase by 214,000 jobs for February, beating the forecast for 205,000. This of course comes ahead of Friday's official jobs report from the Labor Department.
At 2 p.m. ET, the Federal Reserve's latest beige book of anecdotes from its districts will be released.
Very early in the session, Monsanto was the biggest decliner on the S&P 500, down 4% after the company cut its targets for earnings and cash flow this year.
Exxon shares fell the most on the Dow, after the oil and gas giant said it was cutting its capital spending plans by 25% this year.
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