*

Nasdaq closed up 0.94%; S&P 500 rose 0.47%; Dow falls

0.02%

*

Centene ( CNC ) tumbles after pulling 2025 forecast

*

Tesla climbs, bouncing from decline early in week

(Adds record, closing stock prices)

By Sabrina Valle

NEW YORK, July 2 (Reuters) -

The S&P 500 and Nasdaq closed at record highs on Wednesday,

boosted by gains in technology stocks and a trade agreement

between the U.S. and Vietnam that eased concerns over prolonged

trade tensions.

The Dow Jones Industrial Average closed slightly lower

but remained within 1.18% of its December 4 record close.

Wall Street has logged a string of record highs in

recent weeks, reflecting a backdrop of choppy trading sessions

and strong investor appetite for risk amid uncertainties around

inflation, deficit and policy.

Nasdaq renewed its June 30 record, boosted by Nvidia ( NVDA )

, Apple ( AAPL ) and Tesla.

TSLL, a high-risk leveraged exchange-traded fund that

delivers twice the daily return of Tesla stock and is designed

for short-term trading, was among the most negotiated stocks.

Investors will now look ahead to the non-farm payrolls

report on Thursday for clues on how soon the Federal Reserve

could lower borrowing costs.

A weakening economy "is a very mixed bag", said Jim

Awad, senior managing director at Clearstead Advisors LLC in New

York.

"Employment softening and inducing the Fed to lower rates

would be a positive," he said. "But if it softens too much, that

would be a negative for growth and profits."

Trump's massive tax-and-spending bill headed to the U.S.

House of Representatives for possible final approval after the

Senate passed the legislation. Nonpartisan analysts say it will

add $3.4 trillion to the national debt over the next decade.

Markets opened lower after a non-key indicator showed U.S.

private payrolls fell unexpectedly in June and job gains in the

prior month were smaller than initially thought.

But they reversed course before lunch time as the U.S.

and Vietnam struck a trade agreement that sets 20% tariffs on

many of the Southeast Asian country's exports.

The Trump administration has teased that a deal with

India is also coming soon, but has said others may not be ready

by July 9.

Investors have been closely watching trade developments,

said Michael Arone, chief investment strategist at State Street

Global Advisors in Boston.

"There is some relief in regards to progress on trade. The

deal with Vietnam was welcomed news," Arone said.

The S&P 500 gained 29.41 points, or 0.47%, to

6,227.42 and the Nasdaq Composite gained 190.24 points,

or 0.94%, to 20,393.13. The Dow fell 10.52 points, or

0.02%, to 44,484.42.

There were 358 new highs and 41 new lows on the New York

Stock Exchange.

Tesla rose 5%, bouncing after a drop early this week, even

as the electric vehicle maker posted a big drop in

second-quarter deliveries. Some traders said the numbers were

less severe than analysts' bleak forecasts. The stock has shed

more than 20% this year.

Centene ( CNC ) tumbled 40% to the lowest level in eight

years after the health insurer said it had withdrawn its 2025

earnings forecast after data showed a significant drop in

expected revenue from its marketplace health insurance plans.

The focus is on the more comprehensive non-farm payrolls

report on Thursday, a day earlier than usual, with markets

closed on July 4 for Independence Day. The reading is expected

to show U.S. job growth cooled in June and the unemployment rate

ticked up to 4.3%, according to a Reuters poll of economists.

"Investors are likely expecting this will push the Fed

towards cutting rates sooner rather than later," Arone said.

Volume on U.S. exchanges was 16.95 billion shares, compared

with the 17.82 billion average for the full session over the

last 20 trading days.