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US STOCKS-S&P 500 ends near flat as more jobs data awaited; eyes on Middle East
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US STOCKS-S&P 500 ends near flat as more jobs data awaited; eyes on Middle East
Oct 2, 2024 9:38 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

(Updates to 4 p.m. ET/2000 GMT)

By Caroline Valetkevitch

NEW YORK, Oct 2 (Reuters) -

The S&P 500 ended 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, helping to lift the S&P 500

technology index. However, Nike ( NKE ) shares slid

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.

U.S. President Joe Biden said on Wednesday he would not support

any Israeli strike on Iran's nuclear sites in response to its

missile attack and urged Israel to act "proportionally."

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."

According to preliminary data, the S&P 500

gained 0.68 points, or 0.01%, to end at 5,709.43 points,

while the Nasdaq Composite gained 13.90 points, or

0.08%, to 17,924.26. The Dow Jones Industrial Average

rose 38.50 points, or 0.09%, to 42,195.47.

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.

JPMorgan Chase ( JPM ) and other big banks will kick off

S&P 500 third-quarter earnings season on Oct. 11.

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 ( JPM ) analysts estimated.

Tesla shares fell after the electric carmaker

reported third-quarter vehicle deliveries below estimates.

Shares of Humana dropped after the health insurer

said it expected enrollment in its top-rated Medicare Advantage

plans for those aged 65 and above to decrease for 2025.

(Additional reporting by Johann M Cherian and Purvi Agarwal in

Bengaluru; Editing by Pooja Desai and Richard Chang)

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