* Oct private sector jobs growth better than forecast
* Time Warner falls after weak forecast; drags media stocks
* Energy stocks ends 5-day run of gains
* Tesla rises after co reassures on production pace
* Indexes down: Dow 0.16 pct, S&P 0.24 pct, Nasdaq 0.08 pct (Updates to early afternoon)
By Abhiram Nandakumar
Nov 4 (Reuters) - Wall Street was lower on Wednesday, following two straight days of gains, after Federal Reserve Chair Janet Yellen said a rate hike in December was a "live" possibility, but not a certainty.
"What the committee has been expecting is that the economy will continue to grow at a pace that is sufficient to generate further improvements in the labor market and to return inflation to our 2 percent target over the medium term," Yellen said.
"If the incoming information supports that expectation, then our statement indicates that December would be a live possibility," she told Congress.
A raft of data on Wednesday suggested the economy was strong enough to support ending an era of near-zero interest rates.
The ADP National Employment Report showed the private sector added more jobs than expected last month. The report comes ahead of the crucial nonfarm payrolls data on Friday.
Data also showed that the U.S. trade deficit narrowed sharply in September. Separate data showed the U.S. services sector grew at a faster clip in October.
"It's been a real soap opera for the markets about whether the Fed is going to move or aren't they going to move," said Scott Brown, chief economist at Raymond James in Florida.
Yellen's comments implied that Fed officials were leaning towards raising rates in December, Brown said.
Traders raised the odds of a December hike to 58 percent, from 52 percent before Yellen's comments, according to the CME Group's FedWatch program.
At 12:20 a.m. ET (1520 GMT), the Dow Jones industrial average was down 28.93 points, or 0.16 percent, at 17,889.22.
The S&P 500 was down 5.07 points, or 0.24 percent, at 2,104.72 and the Nasdaq Composite index was down 4.15 points, or 0.08 percent, at 5,140.97.
Seven of the 10 major S&P sectors were lower, with the energy sector's 1 percent fall leading the decliners.
The decline snapped a run of five straight days of gains. Chevron was down 1.4 percent and Exxon was off 0.7 percent.
Time Warner fell 8.5 percent to $70.72 after the company said ratings for its "key" domestic entertainment networks have dropped more than anticipated.
Other media stocks such as Disney, Viacom and Discovery fell as Time Warner's comments rekindled fears of "cord cutting".
Disney, down 3.2 percent, weighed the most on the Dow and the S&P.
Tesla rose 10.7 percent to $230.49 after promising to speed up production of its electric cars.
Motorola Solutions fell 7.1 percent to $66.28 and was the biggest decliner on the S&P 500 after its profit forecast fells short of expectations.
Groupon slumped nearly 29 percent to $2.90 after it forecast weak fourth-quarter and 2016 revenue.
Declining issues outnumbered advancing ones on the NYSE by 1,769 to 1,195. On the Nasdaq, 1,382 issues fell and 1,274 advanced.
The S&P 500 index showed 12 new 52-week highs and no new lows, while the Nasdaq recorded 55 new highs and 32 new lows. (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Savio D'Souza)