NEW YORK (CNNMoney)
The Dow Jones industrial average, the S&P 500 and the Nasdaq were all modestly lower in early trading. The Dow was down around 40 points (0.25%).
Jobs data: Data from paycheck processor ADP showed that private sector payrolls grew by 179,000 in May, which was below the 210,000 figure that economists had predicted.
The private sector data is often seen as a preview of the government's monthly report on hiring and unemployment, which comes out Friday. But the ADP report is "far from infallible," said Jim O'Sullivan, chief U.S. economist at High Frequency Economics, who is not changing his forecast for a gain of 200,000 jobs on Friday.
The upcoming jobs report could mark an important milestone. The U.S. economy needs to add 113,000 more jobs in order to finally recover all the jobs lost in the financial crisis.
Related: U.S. soon to recover all 8.7 million jobs lost in the downturn
News from Europe: Meanwhile, investors are also looking ahead to monetary policy announcement from the European Central Bank on Thursday.
The ECB is widely expected to cut interest rates, and could announce other stimulus measures, to prevent low inflation from derailing the fitful eurozone economic recovery.
"I think it's going to be another sluggish trading day," said Peter Cardillo, chief market economist at Rockwell Global Capital. "The market is certainly awaiting tomorrow's ECB decision and Friday's data."
In general, investors have been showing an appetite for risk. CNNMoney's Fear & Greed index shows investors have become greedy again.
Related: Fear & Greed Index gets greedy again
Meanwhile, president Obama and other world leaders will discuss the crisis in Ukraine, among other issues, when they meet later Wednesday in Brussels. Russia has been excluded from the talks for the first time in years over its annexation of Crimea.
Stock movers -- Brown-Forman, Legg Mason, Coach: On the earnings front, shares of Brown-Forman (BFA) rose after the maker of Jack Daniel's whiskey reported quarterly results that topped expectations. The stock is among the top 10% of S&P 500 companies this year.
Related: You don't know Jack ... Daniel's
Shares of Legg Mason (LM) surged 13% after the Stifel Financial (SF) said it would buy the part of Legg Mason that provides investment advisory and trust services.
Handbag and accessory maker Coach (COH)continues to struggle. It is down around 3% in early trading and off more than 30% for the year as it struggles to remake its brand and boost sales.
Related: CNNMoney's Tech30
Trading in European markets was weak, with major indexes slipping in midday trading. Asian markets mostly ended with losses, though the Nikkei in Japan edged up.
First Published: June 4, 2014: 9:50 AM ET
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