A tumultuous trading day concluded Wednesday with a broad stock decline as Wall Street closed on a bumpy August that began strong but ended up putting the market farther in the red for the year.
The S&P 500 dropped 0.8%, extending its losing skid to four days. The benchmark index fell 4.2% in August after rising 9.1% in July.
Technology stocks and large retailers were among the market’s largest weights. Only telecom stocks gained ground. Smaller firm stocks also declined, dragging the Russell 2000 index down by 0.6%.
The latest pullback for stocks came as Treasury yields rose broadly. The yield on the 10-year Treasury, which influences interest rates on mortgages and other consumer loans, rose to 3.17% from 3.11% late Tuesday.
The S&P 500 fell 31.16 points to 3,955. The index is now down 17% so far this year.
The Nasdaq lost 66.93 points to 11,816.20, while the Dow gave up 280.44 points to close at 31,510.43. The Russell fell 11.48 points to 1,844.12.
On Wednesday, payroll processor ADP said its latest monthly survey of hiring by private U.S. companies showed payrolls increased by 132,000, well below the 275,000 economists expected, according to FactSet.
The ADP survey comes ahead of employment reports from the Labor Department this week: applications for unemployment benefits on Thursday and the August jobs report Friday. Analysts expect both to show a robust labour market.
Technology stocks and big retailers were among the heaviest weights on the market Wednesday. Chipmaker Nvidia fell 2.4% and Best Buy slid 5.6%. Energy companies fell as the price of U.S. crude oil dropped 2.3%. Occidental Petroleum slipped 1.4%.
Bed Bath & Beyond sank 21.3% after announcing a major restructuring and a stock sale, while Snap, the operator of the Snapchat messaging app, jumped 8.7% after announcing it will lay off 20% of its workforce.