* Private employment service ADP reported U.S. private employers cut a much-larger-than-expected 693,000 jobs in December.

* The Dow Jones industrial average <.DJI> slipped 244.68 points, or 2.71 percent, at 8,770.42. The S&P 500 Index <.SPX> declined 28.00 points, or 3.00 percent, at 906.70. The Nasdaq Composite Index <.IXIC> lost 53.32 points, or 3.23 percent, at 1,599.06.

(Reporting by Rodrigo Campos; Editing by Leslie Adler)