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The stock market closed flat on Wednesday, with technology Stocks making gains but concerns about tensions in the Middle East and upcoming U.S. labor data weighing on investors. Nvidia shares rose, boosting the S&P 500 technology index, while Tesla shares fell after reporting lower-than-expected third-quarter vehicle deliveries.

Investors were keeping a close eye on developments in the Middle East following Israel’s attack on Iran and U.S. President Joe Biden’s response. Economic data showed that U.S. private payrolls increased more than expected in September, indicating a resilient labor market. The focus now shifts to Friday’s non-farm payrolls report and Thursday’s jobless claims data.

Market strategist Michael O’Rourke noted that investors are waiting for positive commentary from companies as they await the start of earnings season and seek further reasons to push stock prices higher. The major indexes closed marginally higher, with the S&P 500 up nearly 20% for the year so far.

The likelihood of a rate cut at the Fed’s November meeting has increased, according to the CME Group’s FedWatch Tool. Meanwhile, big banks will kick off third-quarter earnings season next week. A dockworkers’ strike at U.S. ports is causing disruptions and costing the economy billions of dollars per day.

Despite the overall flat market performance, some individual Stocks faced significant declines. Nike shares dropped after withdrawing its revenue forecast, while Humana Inc shares fell as the health insurer projected a decrease in enrollment for its Medicare Advantage plans.

Overall, the market saw more declining issues than advancers, with trading volume slightly below the average. The S&P 500 posted new highs and lows, reflecting the mixed sentiment among investors.

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