A Sharp Drop for the Markets Amid Ebola Concerns

Wall Street stocks headed lower in early trading on Wednesday, putting the market on course for its third loss in a row.

KEEPING SCORE The Dow Jones industrial average fell 0.55 percent and the Standard & Poor's 500-stock index was down 0.58 percent. The Nasdaq composite index dropped 0.62 percent.

LESS PACKAGING General Mills fell 1 percent after the company said it would cut up to 800 jobs, the second time it has reduced its work force in a month. The company is struggling as Americans eat fewer boxed and frozen meals.

OVER THERE In Europe, Germany's DAX fell 0.5 percent to 9,426 while the CAC-40 in France fell 0.9 percent to 4,378. The FTSE 100 of leading British shares was 0.8 percent lower at 6,567. Wall Street looked set modest declines at the open, with both Dow futures and the broader S&P 500 futures down 0.2 percent.

U.S. DATA IN FOCUS Ahead of Friday's nonfarm payrolls report for September, which often sets the market tone for a week or two after its release, traders have a raft of news to digest. On Wednesday, the private payrolls firm ADP reported that 213,000 jobs were generated during September. The increase was largely in line with expectations and cemented views about Friday's official data. The ADP report also helped ease concerns over a surprisingly weak consumer confidence number from the Conference Board on Tuesday. Later, the Institute for Supply Management publishes its closely watched manufacturing reported.

ANALYST TAKE 'While no one report or indicator is perfect, the fact that ADP was not similarly weak is a positive development and should leave estimates roughly unchanged for monthly payroll gains,' said Dan Greenhaus, chief strategist at BTIG.

E.C.B. LOOMING Traders were also looking ahead to Thursday's European Central Bank policy meeting in Naples, Italy. Though no change in policy is anticipated, there will be great interest in what the central bank president, Mario Draghi, says about a possible monetary stimulus from the central bank following further weak inflation data.

CURRENCIES The foreign exchange markets will probably busy over the rest of the week given the number of potentially market-moving developments on the calendar. On Wednesday, the mood was fairly benign with the euro down 0.1 percent at $1.2615 and the dollar unchanged at 109.69 yen.

ASIA'S DAY In Japan, the Nikkei 225 index shed 0.6 percent after a survey showed business conditions deteriorated. Shanghai and Hong Kong were closed for China's National Day holiday. In South Korea, the Kospi dropped 1.4 percent on weaker factory output.

HONG KONG IN SPOTLIGHT Across Asian financial markets in particular, there was great interest in the pro-democracy demonstrators taking place in Hong Kong. Streets in the business district have closed in the biggest threat to Beijing's authority since China took control of the former British colony in 1997. Some banks, schools and stores have closed, though analysts said they saw no significant damage to the economy of this Asian financial center.

ENERGY Benchmark United States oil added 55 cents to $91.71 a barrel in electronic trading in New York. The contract dropped $3.41 on Tuesday to $91.16, pushed down by plentiful supplies and a rise in the dollar - in which oil sales are priced - against other currencies. Brent crude, used to price international oils, fell 10 cents to $96.90.

BONDS Bond prices rose. The yield on the 10-year Treasury note fell to 2.45 percent.

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