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The S&P 500 fell on Wednesday as traders braced for more losses to start October amid escalating tensions in the Middle East.
The Dow Jones Industrial Average dipped 31.8 points to start Wednesday to 42,125.17.
The much broader index sank 5.18 points to 5,703.57
The NASDAQ Composite edged off 2.39 points to 17,907.97.
Nike slid more than 7% after the sneaker giant pulled full-year guidance ahead of its CEO change. Tech also struggled for a second day, with
Tesla dropping more than 4% after reporting delivery numbers
That action follows a losing session as rising tensions in the Middle East after Iran fired ballistic missiles on Israel dented risk appetite and investor enthusiasm for the new trading period. Investors are readying for more uncertainty as Israel begins a ground operation into Lebanon and tensions escalated with Iran-backed militant group Hezbollah.
ADP data released Wednesday showed better-than-expected private payroll growth in September. That comes ahead of Friday’s closely followed nonfarm payroll report, which could play a major role in the market’s direction and the Federal Reserve’s next rate move as its cutting cycle begins.
Prices for the 10-year Treasury hiked, lowering yields to 3.80% from Tuesday’s 3.74%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.10 at $71.93 U.S. a barrel.
Gold prices let go of 9.9 points to $2,680.40 U.S. an ounce
