US Stocks opened lower on Wednesday, as investors digested softer-than-expected jobs data and took stock of a report that said President-elect Donald Trump was mulling a national economic emergency declaration. Nvidia rose 1.5%; Absci soared 32%.

The Dow Jones Industrial Average lost 21 points, or 0.1%. The S&P 500 shed 0.1% along with the Nasdaq Composite.

Palantir, one of the biggest gainers in the S&P 500 last year rising more than 340%, was down for a third straight day, losing more than 2%. Chipmaker Advanced Micro Devices shed 3.2% after a downgrade by HSBC.

Data released Wednesday morning showed private sector job creation in December eased more than expected, while wages grew at the slowest pace since July 2021, according to payment processing firm ADP. Investors are now turning to minutes from the Fed’s December meeting are slated for release at 2 p.m. ET.

Sentiment was also dampened after CNN reported, citing sources, that President-elect Donald Trump is considering declaring a national economic emergency to push through new tariffs.

Stocks are coming off a rough trading session, as the major averages finished solidly in the red following strong economic data showing greater-than-expected expansion in the U.S. services sector, per the Institute for Supply Management. The reading showed an increase in prices on the month, fanning concerns around stubborn inflation and questions around this year’s trajectory of interest rate cuts from the Federal Reserve.

According to the CME’s FedWatch tool, markets are currently pricing in a 95% chance of no reductions at the central bank’s meeting this month.

Bond yields, which have been climbing on bets that Trump’s tariff and tax plans could lead to a spike in inflation, also rose on the data. The rate on the benchmark 10-year note continued to climb on Wednesday, recently trading above 4.7% near levels last seen in late April.