US stocks weaken amid labor market concerns

US stocks declined at trading open today, Oct. 1, as investors absorbed data showing a weak labor market and amid pressure from the US government shutdown after two attempts by Congress to pass a funding bill failed the day before.

The Dow Jones Industrial Average fell 0.2%, or 86 points, to 46,311 at 4:37 PM Makkah time. The S&P 500 also shed 0.25% to 6,672 points, with the Nasdaq Composite down at the same rate to 22,610.

According to ADP data released today, the US private sector lost 32,000 jobs in September, against forecasts for the addition of 50,000 new jobs. August's data was adjusted to a loss of 3,000 jobs, compared to the 54,000 added in the previous month's report.

This report takes on even greater focus especially given the US government shutdown that began earlier today.

Further, there is a chance that the Friday release of the Bureau of Labor Statistics' monthly jobs report would be postponed, making the ADP private sector report the sole source of information on the US labor market stance for the time being.