Stocks are red

Stocks opened a bit lower for trading on Wednesday after a big rally in the prior session.

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%.

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 Labour Department.

At 2 p.m. ET, the Federal Reserve’s latest beige book of anecdotes from its districts will be released.

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