Wall Street seems to be on damage control mode on Wednesday after declining sharply in the previous session on the back of China growth worries. Earlier in the global trading day, Asian stocks closed mostly lower, while the European markets have turned lower after some early strength. The domestic markets have the all important private payrolls data to contend with. The data is likely to keep traders on tenterhook, given the Fed’s preoccupation with the labor market. Fundamental global growth concerns could also weigh down on all risk assets, including equities and commodities.