The Dow Jones Industrials fell back 80.26 points to pause for lunch at 32,776.20, dragged by declines from Merck and McDonald’s.
The S&P 500 recovered 4.45 points to 3,990.82.
The NASDAQ Composite grabbed 38.24 points to 11,568.57.
Stocks briefly took a slight leg lower after data showed job openings fall less than expected in January. A stronger-than-expected February private payrolls report on Wednesday also suggested that the economy is standing strong despite the Fed’s hiking campaign, adding to investor concern that bigger rate increase may be ahead. It precedes Friday’s February jobs data after January’s blockbuster report.
Job openings fell in January but remained elevated and still outnumber available workers by a nearly two-to-one margin, the U.S. Labor Department reported Wednesday.
Available positions totaled 10.824 million for the month, a decline of about 410,000 but still above estimates for 10.58 million.
Stocks are coming off a down session after comments from Powell’s Senate testimony cautioned lawmakers that the central bank’s terminal rate will likely be higher than previously anticipated due to stubbornly high economic data in recent weeks.
Prices for the 10-year Treasury gained, lowering yields to 3.93% from Tuesday’s 3.97%. Treasury prices and yields move in opposite directions.
Oil prices dipped 80 cents to $76.78 U.S. a barrel.
Gold prices inched up $2.90 to $1,822.90 U.S. an ounce.