Stocks showed a notable decline at the start of trading on Wednesday, with the major averages moving back to the downside after ending the previous session firmly in positive territory. Weak employment data contributed to the initial weakness.

Before the start of trading ADP released its report on private sector employment in the month of March, showing that non-farm private employment fell by a bigger than expected 742,000 jobs following a revised decrease of 706,000 jobs in February.

Significant weakness has emerged in a variety of sectors, with oil service stocks posting particularly steep losses amid a notable decrease by the price of oil. Banking, health insurance, and housing stocks are also turning in some of the market's worst performances.

In the past few minutes, the major averages have edged up off their lows for the young session, although they remain firmly in the red. The Dow is currently down 104.74 at 7,504.18, the Nasdaq is down 27.48 at 1,501.11 and the S&P 500 is down 12.99 at 784.88.

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