The US stocks fell after rallying, OPEC+ cuts down production and the battle between Musk and Twitter continues.

The US stocks lost their gains from previous days after data about private payrolls presented high demand for labour despite soaring interest rates. Around 14.30 GMT, the Dow Jones was down 1.2% (or 360 points). While Nasdaq was down 2% and the S&P 500 was down 1.6% (investing.com). Tech stocks were involved in a small rally to start October and the final quarter on a good path, but that took a U-turn today, at least in early trading.

The ADP nonfarm payrolls data shows that employers increased their hiring in September. The reading came in at 208,000 which was slightly higher than initially anticipated (investing.com). Investors are waiting on Friday’s jobs report from the government.

OPEC+ has come to an agreement for cuts in steep oil production. Avoiding supply in an existing tight market, creating one of the biggest clashes with the West. The decision led to a cut of 2 million barrels per day, equal to 2% of global supply (investing.com). De-facto leader Saudi Arabia has stated that it was necessary to respond to rising interest rates (investing.com).

Twitter shares dropped by 2.3% after bouncing 22% on Tuesday when Musk announced that he would pursue his deal to buy the company at the original offer price (investing.com). The battle continues as Musk is waiting for Twitter to drop its litigation against him, however, Twitter’s legal team has not accepted the agreement yet and the judge stated that she’s prepared for the ‘looming trial’ (investing.com).