U.S. stocks finished slightly lower in choppy trading on Wednesday following labor market data and comments from a Federal Reserve official that bolster the case for an interest rate cut.

The dollar slipped against most major currencies on Wednesday after July U.S. job openings data signaled a softening labor market, tilting the odds further in favor of larger interest rate cuts by the Federal Reserve.

UBS has downgraded its long-term US dollar targets, looking to fade the currency's rebound early in September.

U.S. oil futures rose Wednesday on hopes that a group of major producers will continue limiting supply, in order to support the market weighed by demand growth concerns.

Alphabet (NASDAQ:GOOGL)'s Google faces trial in a second antitrust case next week where the U.S. Department of Justice will challenge how the search giant monetizes advertising through a system that prosecutors say harms news publishers.

The Japanese yen and the Swiss franc firmed against the dollar on Wednesday as investors scurried to safer assets after a sharp selloff on Wall Street in the prior session sparked by concerns about the U.S. economy and tech sector valuations.