Stock market today: Nasdaq leads stock declines after mixed jobs and economic data, oil spikes on Iran reports

Published On Oct 1, 2024, 10:51 AM

Today, the stock market saw declines, particularly in the Nasdaq index, following mixed economic and jobs reports. Economic growth indicators have shown fluctuation, leading to uncertainty in the markets, particularly amongst tech stocks. Additionally, news related to oil spiking due to reports regarding Iran has influenced commodities markets and investor sentiment.

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Stock Forecasts

QQQView QQQ chart on TradingView

Negative

Given the mixed economic data and resulting pressure on tech stocks, a cautious approach to tech sector investments is advised. The potential for deteriorating market conditions could continue to weigh on these stocks in the near term.

XLEView XLE chart on TradingView

Positive

The spike in oil prices due to geopolitical tension may present opportunities in the energy sector, potentially benefiting stocks and ETFs related to oil and gas. Investors might find value in energy-related investments during this period of uncertainty.

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