Wall Street stocks followed European and Asian bourses lower. Wall Street indices didn’t continue the rally and closed lower on Wednesday after the release of the statistics, which showed a strong demand for labor force in the US, due to which the Federal Reserve might keep the interest rates at a high level for a longer period.

Why does Wall Street end lower? 

Fed officials are pushing to aggressively tighten policy to fight inflation, which the market fears could lead to a sharp slowdown and a possible recession.

Private employers stepped up hiring in September, ADP data showed Wednesday. The statistics indicate that labor demand is still strong despite rising rates and tighter financial conditions.

The Fed is expected to raise borrowing costs by 75 basis points for the fourth time in a row at its Nov. 1-2 meeting, according to rate futures prices, data from the CME FedWatch tool showed.

Earlier, we reported that Wall Street’s top bulls listed reasons for the U.S. stock market rally.