U.S. stock markets scraped early losses after data showed the Institute for Supply Management's gauge of services activity advanced more than forecast. The Institute for Supply Management 's non-manufacturing index increased to 54 in January from 53 the prior month, the Tempe, Arizona -based group said today. Readings greater than 50 signal expansion. The median forecast called for a reading of 53.7. Benchmark indices fell at the open after a report showed private-sector companies in the U.S. added fewer than estimated jobs in January. The 175,000 increase followed a revised 227,000 rise in December that was weaker than initially reported, according to the ADP Research Institute in Roseland, New Jersey . Analysts had expected a rise of 185,000. -The Dow Jones Industrial Average fell 0.45% to 15376.18 -The S&P 500 Index fell 0.23% to 1751.12 -The NASDAQ Composite fell 1.28% to 3979.40 . As of 10:22 a.m. ET The three major indices advanced yesterday, rebounding from its biggest slide since June, as companies from Yum! Brands Inc. to Michael Kors Holdings Ltd. (KORS) reported profit that exceeded projections. Investors have been rattled by concerns about emerging markets, where central banks have been struggling to shore up shaky currencies. Meanwhile, the Federal Reserve has been scaling back its bond-buying program. More recently, worries about the health of the U.S. economy have weighed on stocks. Economic data for January, including a manufacturing report Monday , have been weaker than expected. While winter weather may be partly to blame, the spate of soft economic data has raised questions about the outlook for growth this year. Corporate earnings CVS Caremark said it will stop selling tobacco products, starting Oct. 1 . Shares were down slightly in early trading. Merck reported earnings and sales in line with forecasts, while GlaxoSmithKline raised its dividend as it posted earnings-per-share that came in slightly below expectations. Both stocks were up. Time Warner , the parent company of CNNMoney, announced a new $5 billion share buyback program as it reported slightly better-than-expected earnings. But the stock fell more than 2%. Twitter will report quarterly results after the close -- the first since last year`s IPO .
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