Wall Street Falls as ADP Jobs Beat Sparks Taper Fears

A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, on July 19, 2021. Andrew Kelly/Reuters

U.S. stock indexes fell on Wednesday after a strong showing of private jobs in September fueled concerns of a sooner-than-expected easing of monetary stimulus in the face of growing worries of higher inflation.

The ADP National Employment Report showed private payrolls increased by 568,000 jobs last month. Economists polled by Reuters had forecast a rise of 428,000 jobs.