Wall Street was slightly lower on Wednesday as crude oil prices slid on news that stockpiles in the U.S. grew to record highs. Markets closed sharply higher on Tuesday, allowing the S&P 500 to recover some of its losses over the last two months. The index is now down 3% on the year, climbing up from its 10.5% low.

U.S. crude oil slipped 1% after the American Petroleum Institute reported an increase in U.S. stockpiles that was well above estimates.

The Dow Jones industrial average lost 34.25 points (0.2%) at 16,830.83. The Nasdaq Composite fell 1.29 points to 4,688.31, 0.03% lower. The S&P 500 declined 0.13%, or 2.64 points, to 1,975.71.

Of the 10 major S&P sectors, eight were lower. The utilities sector led the declines, with a 1.3% loss. Materials was closely behind with a 0.65% decline.

Monsanto (MON) shares took a big hit, falling 5% to $87.85 after cutting its profit forecast for 2016. The seed manufacturer was the largest drag on the S&P 500.

Zynga (ZNGA), the online and mobile game developer, rose 6.9% after naming a new CEO and announcing that Mark Pincus, founder, would serve as executive chairman.

The number of declining issues outnumbered the advancing ones on the New York Stock Exchange by 1,361 to 1,271. The Nasdaq had 1,057 rising issues, and 1,102 falling issues.

The S&P 500 showed no new lows and two 52-week highs. The Nasdaq showed six new lows and nine highs.

Data released on Wednesday showed the private sector in the U.S. added 214,000 jobs in February, more than expected. The rise in jobs indicates that the U.S. is experiencing solid job growth despite volatile markets and concerns of a slowing global economy.

Investors are still keeping a watchful eye on the Federal Reserve, which still maintains that it will raise interest rates in 2016, and the European Central Bank, which is expected to implement more monetary stimulus in the near future.

The report comes just days before the U.S. Labor Department’s comprehensive monthly job report on Friday. The Fed is also expected to release its Beige Book report of business activity anecdotes later this afternoon. John Williams, San Francisco Fed President, is scheduled to speak later this afternoon as well.