Rally Stalls Despite Smaller-Than-Expected Private Payrolls' Fall

After posting two-straight sessions solidly higher, the equity markets are under some pressure in early action, even as the ADP Employment Change Report showed a smaller-than-expected drop in private sector payrolls. Traders may be booking some profits from the recent rally, treading cautiously ahead of Friday's labor report. Meanwhile, a profit miss by Dow member Pfizer may be adding to the early apprehension on Wall Street. Treasuries are lower, extending losses following the employment data, ahead of a key report on service sector activity, and following a jump in mortgage applications. In other equity news, Comcast and Time Warner both topped the Street's profit projections. Overseas, Asian markets rallied following the lead from the US' two-day advance, while shares in Europe are mostly higher, but have pared early gains.