Stocks waver as Mideast caution grips investors

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US stocks drifted higher on Wednesday as escalating Israel-Iran tensions fanned worries about a wider Middle East conflict, prompting overall caution in the market.

The S&P 500 (^GSPC), Dow Jones Industrial Average (^DJI), and Nasdaq Composite (^IXIC) all closed narrowly higher, with none of three rising more than 0.1%.

Stocks came under pressure to kick off October as geopolitical concerns grip the market, dispelling the upbeat mood around hopes for US interest rate cuts. At the same time, oil has extended a surge that saw prices spike over 5% on Tuesday, the most in almost a year.

Brent crude (BZ=F) and West Texas Intermediate (CL=F) futures were both up more than 1% on Wednesday, with traders paying a premium amid the prospect of risks to supply from heightened Israel-Iran attacks.

In single stock moves, Tesla (TSLA) shares fell more than 3% as global deliveries rose in the third quarter but fell short of Wall Street estimates.

Meanwhile, Nike (NKE) shares slid more than 6% after the sports shoe giant withdrew its outlook for the year, having fallen short on first quarter revenue. "We have yet to turn the corner," its CFO told analysts on a conference call.

On the macroeconomic front, the latest data from ADP out Wednesday showed the private sector added 143,000 jobs in September, above economists' estimates for 125,000 and significantly higher than the 99,000 seen in August. The release follows mixed data around job openings and comes ahead of the crucial September jobs report on Friday as investors mull the Fed's interest rate-cutting path.

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