Wall Street Opens Third Quarter Lower Ahead of June Employment Report

Wall Street stocks declined Wednesday as investors assessed comments from Federal Reserve Chairman Kevin Warsh and awaited the closely watched June US employment report, Agence France-Presse (AFP) reported.

US stocks retreated at the start of the third quarter as investors awaited key employment data and monitored Federal Reserve policy.

Speaking alongside other central bank leaders, Warsh reiterated his commitment to returning inflation to the Federal Reserve's 2 percent target.

"We're going to deliver price stability in the US," Warsh said. "That's what this committee has signed up to do."

The remarks came ahead of Thursday's release of the June jobs report. Economists expected the US economy to have added about 110,000 jobs during the month while the unemployment rate remained at 4.3 percent.

Payroll processor ADP estimated that the private sector added 98,000 jobs in June, according to figures released Wednesday.

In the first trading session of the third quarter, all three major US stock indices closed lower, with the Nasdaq Composite leading losses after declining 0.7 percent.