Investing.com-- U.S. stocks retreated Wednesday after stronger than expected employment data raised concerns over the pace of future interest rate cuts.The number of Americans filing for first-time unemployment benefits unexpectedly edged down last week, touching the lowest level since February, in a sign of strength in the labor market.
Elsewhere, private payrolls increased by 122,000 jobs last month, after advancing by 146,000 in November, the ADP National Employment Report showed. Investors will also be keeping tabs on a speech from Fed Governor Christopher Waller on Wednesday, as well as minutes from the rate-setting Federal Open Market Committee's latest meeting, for any more indications on the central bank's policy trajectory.) fell 1.3% after the oil major warned that a decline in oil refining profits, along with weak returns from across its operations, would dent its fourth-quarter income by around $1.75 billion versus the prior three-month period.
If confirmed by upcoming official data, it would be the second straight week of draws for inventories, reflecting increased travel during the year-end holiday season.
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