Retailers and other consumer companies fell sharply amid concerns about rising interest rates.
The yield on the 10-year Treasury initially declined after the Federal Reserve opened the door to slowing the pace of rate hikes. The yield rebounded above the psychologically significant 4% level after Fed Chairman Jerome Powell emphasized that there is a "ways to go" on interest rates, torpedoing hopes of a pause in the near future.
U.S. private payrolls rose by 239,000 in October, accelerating from September levels, according to payroll services firm ADP.
Any sign of weakness in the labor market "is not obvious to me," said Mr. Powell, during the press conference.
Shares of casino chain Caesars Entertainment rose after strong performance at its online gambling unit bolstered quarterly earnings growth.
Cosmetics giant Estée Lauder said sales, excluding the impact of acquisitions, fell 5% in the latest quarter.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
11-02-22 1721ET
