Wall Street clings to modest gains amid Mideast caution
Main U.S. indexes end slightly green; Dow up ~0.1%
Energy leads S&P sector gainers; Cons disc weakest group
Dollar up; crude gains >1.5%; gold slips; bitcoin dips
U.S. 10-Year Treasury yield rises to ~3.78%
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WALL STREET CLINGS TO MODEST GAINS AMID MIDEAST CAUTION
Shares on Wall Street ended modestly higher on Wednesday, led by energy and tech shares, with investors nervous about further escalation of tensions in the Middle East, although a higher-than-expected private payrolls report injected some optimism about a soft landing outcome for the U.S. economy.
The energy sector .SPNY rallied more than 1%.
Nvidia NVDA.O shares rose 1.7%, while the S&P 500 technology index .SPLRCT was up 0.6%.
But focus remains on the Middle East. Israel said on Wednesday eight of its soldiers were killed in combat in south Lebanon as its forces thrust into its northern neighbor in a campaign against the Hezbollah armed group. The losses were the deadliest suffered by the Israeli military on the Lebanon front in the past year of border-area clashes between Israel and its Iranian-backed Lebanese foe.
"Escalating tensions in the Middle East are helping to spark a textbook risk-off move, with increased volatility and a flight to safety," writes Mary Ann Bartels, chief investment strategist, at Sanctuary Wealth in Indianapolis, in a research note.
"The stock market impact of geopolitical tensions largely centers around oil prices, and as long as oil prices remain below $100 per barrel and corporate profits remain strong, that is supportive of higher stock prices."
Wednesday's data showing U.S. ADP private payrolls gaining 143,000 in September, did curb equity losses. The figure beat the 125,000 forecast and was also higher than the upwardly revised 103,000 ADP rise in July.
The ADP number's firm increase, which suggests some upside risk for Friday's nonfarm payrolls, follows lean figures since May, big increases in March and April, but prior lean gains since August of 2023, according to analysts from Action Economics.
Here's an afternoon snapshot of financial markets:
(Gertrude Chavez-Dreyfuss)
*****
FOR WEDNESDAY'S EARLIER LIVE MARKETS POSTS:
EVEN IF OCTOBER BRINGS A GHOSTLY HOOT, BEARS MAY STILL GET THE BOOT - CLICK HERE
SOLID ADP DATA HINTS AT STRONG JOBS MARKET: WAS 50 TOO MUCH, JAY? - CLICK HERE
EM SOVEREIGN BOND ISSUANCE RISES IN SEPTEMBER, THOUGH LIKELY NOT A POST-FED BOUNCE - CLICK HERE
S&P 500 INDEX: SO FAR JUST A SMALL SETBACK - CLICK HERE
TIME TO GO IDIOSYNCRATIC ON LUXURY - BofA - CLICK HERE
UTILITIES: AFTER THE "BIG COMEBACK", NOW WHAT? - CLICK HERE
SURPRISE, SURPRISE: U.S. EXCEPTIONALISM MIGHT BE BACK - CLICK HERE
US ELECTION: IMPLICATIONS FOR EUROPE - CLICK HERE
OIL NAMES LEAD GAINS IN EUROPE - CLICK HERE
EUROPEAN FUTURES POINT TO TEPID START - CLICK HERE
WORRIES OVER MIDDLE EAST ESCALATION WEIGH - CLICK HERE
US afternoon snapshot https://tmsnrt.rs/47YILGX
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