Stock market today: US stocks edge up amid Middle East turmoil as traders turn to incoming data

• US stocks closed higher on Wednesday as traders looked to coming economic data.
• The September jobs report, a key data point for the next rate move, is due out Friday.

US stocks ended slightly higher on Wednesday as traders anticipated key economic data in the US and looked past simmering tensions in the Middle East.

The major indexes edged up, clawing back losses from declines earlier in the day.

Investors were rattled after Iran launched a missile attack on Israel, sparking a move to safe-haven assets. Stocks, though, solidified their move higher later in Wednesday's session, a sign markets are less worried about escalating conflict abroad, according to José Torres, a senior economist at Interactive Brokers.

Markets are also taking in positive jobs data, with the private sector adding 143,000 jobs last month, according to ADP.

Investors now have their eye on weekly jobless claims on Thursday, and the September jobs report, which will be released on Friday. The latter will serve as a key data point when central bankers decide how much further to cut interest rates.

"Markets are breathing a sigh of relief as better-than-expected job growth is curbing fears of an economic slowdown, dialing down the projected speed of the Fed's walk down the monetary policy stairs," Torres said. "Of course, tomorrow's read on unemployment claims and ISM services will provide further details, but the main event occurs on Payroll Jobs Friday," he later added.

The data will inform the Fed's next move, which markets believe now will likely be a 25-basis-point rate cut, according to the CME FedWatch Tool. The odds of another jumbo 50-basis-point cut are just 34%.

Here's where US indexes stood at the 4 p.m. closing bell on Wednesday:

• S&P 500: 5,709.54, up 0.01%
• Dow Jones Industrial Average: 42,196.52, up 0.09% (+39.55 points)
• Nasdaq composite: 17,925.12, up 0.08%

Here's what else is happening:

• Stocks face a 10% drop with key economic data mired in recession territory, according to one investment chief.
• These two sectors of the stock market are poised to benefit the most if Trump wins the election, according to RBC.
• An MIT economist thinks artificial intelligence will impact only 5% of jobs over the next decade.
• There are two big reasons why gold will surge 9% by early next year, Goldman Sachs says.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil rose 1.69% to $70.99 a barrel. Brent crude, the international benchmark, was up 1.5% to $74.66 a barrel.
• Gold dipped 0.4% to $2,679 an ounce.
• The 10-year Treasury yield climbed four basis points to 3.783%.
• Bitcoin dropped 2.1% to $60,309.