NEW YORK, July 2 (Xinhua) -- U.S. stocks ended mixed on Wednesday as optimism over new trade deals helped offset concerns about a slowing labor market.

The Dow Jones Industrial Average edged down 10.52 points, or 0.02 percent, to 44,484.42. The S&P 500 rose 29.41 points, or 0.47 percent, to 6,227.42, while the Nasdaq Composite advanced 190.24 points, or 0.94 percent, to 20,393.13.

Seven of the 11 primary S&P 500 sectors ended in green, with energy and materials leading the gainers by adding 1.70 percent and 1.33 percent, respectively. Meanwhile, health and utilities led the laggards by losing 0.97 percent and 0.87 percent, respectively.

Gains were driven in part by upbeat sentiment around trade after U.S. President Donald Trump announced a new deal with Vietnam that includes a 20 percent tariff on Vietnamese imports. Shares of Nike, which sources a significant portion of its footwear from Vietnam and China, jumped more than 4 percent following the news.

Earlier in the day, stocks came under pressure after a disappointing report from ADP showed the private sector shed 33,000 jobs in the prior month, which was the first decline in more than a year and well below economist forecasts of a 100,000-job increase. While the ADP report does not always align with the government's official nonfarm payrolls data, due on Thursday, it raised concerns about broader labor market weakness. Economists expect 110,000 jobs to have been added in June.

Some strategists said the report could push the Federal Reserve closer to a rate cut, especially if government data also shows softness. Market expectations for a July rate cut rose slightly to 23 percent, up from 21 percent a day earlier, according to CME FedWatch.

"If we end up having a fairly weak employment report, then that could allow the Fed to be cutting rates," said Sam Stovall, chief investment strategist at CFRA Research. "We think labor demand is slowing, but so far the slowdown is modest," Morgan Stanley chief U.S. economist Michael Gapen wrote in a note to clients.

Among major tech movers, Tesla surged nearly 5 percent despite reporting a year-over-year drop in global second-quarter deliveries, as the decline was smaller than feared. Apple gained 2.22 percent, extending its winning streak to four sessions. Nvidia and Broadcom rose 2.58 percent and 1.95 percent, respectively, and Alphabet added 1.61 percent. Microsoft, Amazon, and Meta Platforms slipped modestly.