At around 4:02 p.m. ET, the yield on the benchmark 10-year Treasury note, was higher at around 3.149 percent, while the yield on the 30-year Treasury bond was also higher at 3.391 percent. Bond yields move inversely to their prices.
The latest employment data from ADP and Moody's comes two days ahead of the Labor Department's monthly report on the employment situation in the United States. Investors will scrutinize the release on Friday for both the number of jobs added in the month of October, but also for any signs of rising wages.
Market sentiment has been hit by a confluence of factors in recent weeks, ranging from intensifying global trade tensions, worries about economic growth, rising U.S. interest rates and company earnings.
"With trillion dollar deficits continuing, the risks are rising that there will not be enough dollars for risky assets given the enormous increase in the stock of risk-free assets yielding a higher return as the Fed continues to raise rates," wrote Torsten Sløk, chief international economist at Deutsche Bank Securities.
"In sum, the supply of risk-free fixed income is growing and demand for fixed income is shrinking. This all points to higher rates and wider credit spreads," he added.