S&P 500 ends near flat as more jobs data awaited; eyes on Middle East
ADP survey: US adds 143,000 private jobs in September
Tesla drops on downbeat Q3 vehicle deliveries
Nike 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.O shares rose, helping to liftthe S&P 500 technology index .SPLRCT. However, Nike NKE.N 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 Bidensaid 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 isnot 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 .SPX gained 0.68 points, or 0.01%, to end at 5,709.43 points, while the Nasdaq Composite .IXIC gained 13.90 points, or 0.08%, to 17,924.26. The Dow Jones Industrial Average .DJI rose 38.50 points, or 0.09%, to 42,195.47.
The market ended September with strong gainsafter 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.N 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.
Thedockworkers' strike is costingthe economy roughly $5 billion per day, JPMorgan analysts estimated.
Tesla TSLA.O shares fell after the electric carmaker reportedthird-quarter vehicle deliveries below estimates.
Shares of HumanaHUM.N droppedafter the health insurersaid it expectedenrollment in its top-rated Medicare Advantage plans for those aged 65 and above to decrease for2025.
Additional reporting by Johann M Cherian and Purvi Agarwal in Bengaluru; Editing by Pooja Desai and Richard Chang
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