Investing.com - U.S. stocks were steady on Wednesday, after the release of disappointing private sector jobs data out of the U.S., while concerns over the financial situation in the euro zone continued to weigh.
During early U.S. trade, the Dow Jones Industrial Average dipped 0.01%, the S&P 500 index inched down 0.04%, while the Nasdaq Composite index eased 0.04%.
A report showed that ADP nonfarm payrolls increased by a seasonally adjusted 158,000 in March, well below expectations for an increase of 200,000, following an upwardly revised gain of 237,000 the previous month.
Meanwhile, sentiment remained fragile amid concerns over the outlook for the economy, and as investors awaited the outcome of the European Central Bank’s policy meeting on Thursday.
The ECB was not expected to announce any changes to monetary policy, but investors were awaiting comments from President Mario Draghi at the bank’s post-policy meeting press conference.
Among pharmaceuticals, Pfizer added 0.21%, Novartis climbed 0.88% and Abbott Laboratories advanced 0.55%, amid reports at least these three drugmakers are bidding for Brazil's Ache Laboratorios Farmaceuticos in an auction that could value the group at more than USD5 billion
Also in M&A news, Thermo Fisher Scientific inched up 0.03% as it was said to be emerging as the lead contender in an auction for Life Technologies, a genetic testing maker.
Adding to gains, Zynga rallied 10.10% after the social gaming company said it would begin offering real-money poker and casino-style games in the UK in the next few days.
On the downside, Verizon slipped 0.20% after saying it does not "currently have any intention" to merge with or buy its partner Vodafone, either alone or in conjunction with others, in response to Tuesday's Financial Times report.
However, the company said that it would still be a willing buyer of Vodafone's 45% share of their Verizon Wireless U.S. venture. Verizon shares dropped 0.48% in after-hour trade.
Elsewhere, Tesla Motors plummeted 5.10%, after saying late Tuesday that it was partnering with Wells Fargoand U.S. Bank on a financing product that it says will make its pricey electric sedan accessible to more people.
Among retailers, J.C. Penney Chief Executive Ron Johnson received total compensation of USD1.9 million in 2012, marking a sharp decline, sending shares down 0.76%.
Across the Atlantic, European stock markets were lower. The EURO STOXX 50 slid 0.46%, France’s CAC 40 fell 0.27%, Germany's DAX edged down 0.11%, while Britain's FTSE 100 declined 0.40%.
During the Asian trading session, Hong Kong's Hang Seng Index slipped 0.14%, while Japan’s Nikkei 225 Index surged 2.99%.
Later in the day, the Institute of Supply Management was release a report on U.S. service sector activity.