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US STOCKS-Indexes near flat as more jobs data awaited; eyes on Middle East
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US STOCKS-Indexes near flat as more jobs data awaited; eyes on Middle East
Oct 2, 2024 9:35 PM

*

ADP survey: US adds 143,000 private jobs in September

*

Tesla drops on downbeat Q3 vehicle deliveries

*

Nike ( NKE ) falls after withdrawing annual revenue forecast

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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 ( NVDA ) shares rose 1.5%, and the S&P 500

technology index was up 0.6%. However, Nike ( NKE )

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)

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