Dow, S&P Slide for 3rd Straight Day

U.S. stocks retreated on Wednesday as investors assessed data indicating falling inflation, while the jobs report loomed.

The Dow Jones Industrials declined 70.13 points at 36,054.43.

The S&P 500 let go of 17.84 points to 4,549.34.

The NASDAQ dipped 83.2 points to 14,146.71.

The market initially got a morning boost after economic data. A drop in labor costs boded positively for the path of inflation, while a jump in productivity signaled the potential for the economy to skirt a recession. November private payroll data from ADP offered the latest indication that the job market, long considered a pain point for the Federal Reserve, was easing.

Cloud company Box tumbled 10% after reporting third-quarter results that came in below analyst expectations. On the other hand, homebuilder stock Toll Brothers gained more than 2% after exceeding expectations on the top and bottom lines.

Prices for the 10-year Treasury picked up ground, dropping yields to 4.12% from Tuesday’s 4.17%. Treasury prices and yields move in opposite directions.

Oil prices faded $3.05 to $69.27 U.S. a barrel.

Gold prices regained $8.60 to $2,044.90.