Stocks pared some gains after a sharp two-day rally on Wall Street, with the Dow falling 100 points.

U.S. stocks fell on Wednesday as Treasury yields rose, giving back some of their sharpest gains from the past two sessions.

The Dow Jones industrial average was down 113 points, or 0.4%. The S&P 500 and Nasdaq Composite fell 0.6% and 0.9%, respectively.

“It’s a pause for the market to reflect on how durable the rally of the past two days could actually become,” said Yung-Yu Ma, chief investment strategist at BMO Wealth Management. yes, JOLTS NO Very welcome, no question about it. But that’s really the tip of the iceberg in terms of the central bank having to take a really dovish tone.”

“Some reality is creeping into the market and the enthusiasm of a good number is starting to fade,” he added.

Treasury yields Back on Wednesday, weight on stocks. The 10-year yield rose 10 basis points to trade at 3.713% after briefly dipping below 3.6% in the previous session.

Private payrolls rose by 208,000, ADP said in its latest report, topping the Dow Jones estimates. Traders are looking ahead to the release of the non-farm payrolls report on Friday. The ISM services index for September was also out on Wednesday Showing solid growth For the month of September.

After a sharp decline in the previous quarter, some market participants wondered if markets had finally priced in the bottom.

“The Q3 earnings report is not far off and the Q2 earnings season certainly helped stabilize markets on market sentiment,” Ma said. “There was a lot of pessimism in the market and it managed to rally very strongly after two months. Now there is hope that the earnings season will stabilize the market and come back to recovery. It did last quarter.”

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