NEW YORK — Stocks moved slightly lower in early trading Wednesday after a private jobs report suggested that U.S. employers pulled back on hiring last month.
KEEPING SCORE: The Dow Jones industrial average lost 16 points, or 0.1 percent, to 16,706 in the first 30 minutes of trading. The Standard & Poor's 500 index fell a point to 1,923 and the Nasdaq composite lost a point to 4,233.
JOB WATCH: The payroll processor ADP said U.S. businesses slowed their hiring last month, adding just 179,000 workers to their payrolls. That's the weakest hiring in four months and well below what economists had expected.
The report suggests the government's monthly jobs report, due out Friday, could reveal a modest slowdown in hiring. Economists believe U.S. employers added 220,000 jobs in May, a pullback from April, which ended with a surprisingly strong 288,000 job additions.
INSURANCE DEAL: Protective Life jumped $10.53, or 18 percent, to $69.25 after Japanese insurance company Dai-ichi Life said it would buy the company for $70 a share, or $5.7 billion.
BONDS AND COMMODITIES: In the market for U.S. government bonds, the yield on the 10-year Treasury was little changed at 2.60 percent. The price of oil rose 64 cents to $103.30 a barrel.
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