US: Dow, Nasdaq end higher after choppy session
WALL Street stocks jostled around on Wednesday before finishing mostly higher, with investors monitoring ongoing Middle East tensions and weighing solid hiring data.
US private sector hiring picked up in September, with employers adding more jobs than anticipated, according to data released by payroll firm ADP.
Markets also kept an eye on the Middle East a day after Iran launched a missile attack on Israel. UN chief Antonio Guterres called for an end to the “sickening cycle of escalation.”
After veering in and out of positive territory, the Dow Jones Industrial Average finished up 0.1 per cent at 42,196.52.
The broad-based S&P 500 was essentially flat at 5,709.54, while the tech-rich Nasdaq Composite Index edged up 0.1 per cent to 17,925.12.
Despite headwinds that also included a US dockworkers strike, “it is reassuring that the global equity markets did not experience a panic attack,” said CFRA Research’s Sam Stovall.
Among individual companies, Nike slid 6.8 per cent after the sports giant reported lower profits and revenues, signaling it would take time to engineer a company turnaround.
Tesla dropped 3.5 per cent after reporting third-quarter auto deliveries that were roughly in line. A Wedbush note pointed to disappointment that the figures were not more impressive after a rough first half of 2024.
Humana sank 11.8 per cent after US health officials downgraded its “star ratings” for a leading Medicare plan, which is expected to result in lower bonus payments. The company signalled plans to challenge the designation. AFP