*
ADP survey: US adds 143,000 private jobs in September
*
Tesla drops on downbeat Q3 vehicle deliveries
*
Nike falls after withdrawing annual revenue forecast
*
Indexes: Dow up 0.04%, S&P 500 down 0.02%, Nasdaq up 0.2%
(Updates to 2:20 p.m. ET/1820 GMT)
By Caroline Valetkevitch
NEW YORK, Oct 2 (Reuters) –
Major U.S. stock indexes were little changed on Wednesday, with technology shares gaining but investors nervous about Middle East tensions and more U.S. labor data due this week.
Nvidia shares rose 1.5%, and the S&P 500 technology index was up 0.6%. However, Nike shares slid 6.1% after the athletic footwear and apparel maker withdrew its annual revenue forecast just as a new CEO is set to take charge.
Investors monitored Mideast news after Israel and the U.S. vowed to strike back after Iran attacked Israel on Tuesday.
Data released early on Wednesday showed U.S. private payrolls increased more than expected in September, further evidence that the labor market is not deteriorating. Investors remained focused on September non-farm payrolls data due on Friday.
“We have the jobs report Friday, and then earnings season starts at the end of next week,” said Michael O’Rourke, chief market strategist at JonesTrading in Stamford, Connecticut.
“We’re near all-time highs, and we know we have a friendly Fed out there. Before they push stocks to another round of new highs, investors want to hear some positive commentary from companies. People like that the Fed is very dovish and they are just waiting for another reason to push prices higher.”
The Dow Jones Industrial Average rose 16.04 points, or 0.04%, to 42,173.01. The S&P 500 lost 1.32 points, or 0.02%, at 5,707.43 and the Nasdaq Composite added 27.71 points, or 0.15%, at 17,938.07.
The market ended September with strong gains after the Federal Reserve kicked off its monetary policy easing cycle with an unusual 50-basis-point rate cut to shore up the jobs market.
Odds of a quarter-percentage-point rate reduction at the Fed’s November meeting are at 65.7%, up from 42.6% a week ago, the CME Group’s FedWatch Tool showed.
A strike by 45,000 dockworkers halting shipments at U.S. East Coast and Gulf Coast ports entered its second day on Wednesday with no negotiations scheduled between the two sides, sources told Reuters.
The dockworkers’ strike is costing the economy roughly $5 billion per day, JPMorgan analysts estimated.
Tesla shares lost 3.2% after the electric carmaker reported third-quarter vehicle deliveries below estimates.
Shares of Humana fell 12% after it said it expected enrollment in its top-rated Medicare Advantage plans for those aged 65 and above to decrease for 2025.
Declining issues outnumbered advancers on the NYSE by a 1.36-to-1 ratio; on Nasdaq, a 1.08-to-1 ratio favored decliners.
The S&P 500 posted 25 new 52-week highs and one new low; the Nasdaq Composite recorded 73 new highs and 110 new lows. (Additional reporting by Johann M Cherian and Purvi Agarwal in Bengaluru; Editing by Pooja Desai and Richard Chang)
Catch all the Business News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
MoreLess
Business NewsNewsIndexes near flat as more jobs data awaited; eyes on Middle East
