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

U.S. stocks opened lower at the start of October, with the Dow Jones Industrial Average down about 0.5%, the S&P 500 down 1%, and the Nasdaq Composite down around 1.7%. This decline follows a period of record highs for these indexes. Economic data showed an unexpected increase in job openings to 8.04 million in August, indicating a cooling but not collapsing labor market. Meanwhile, the manufacturing sector remained stagnant, with a PMI below 50 signaling contraction. A potential strike by dockworkers could further impact the economy. Additionally, news of Iran's missile threats against Israel led to rising oil prices, with WTI crude oil surpassing $70 per barrel.

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Stock Forecasts

SPYView SPY chart on TradingView

Negative

The economic indicators suggest mixed signals for the U.S. economy, with a cooling labor market but a significant increase in job openings indicating resilience. However, the potential dockworker strike and geopolitical tensions could introduce volatility.

XLEView XLE chart on TradingView

Positive

The ongoing situation with Iran could lead to sustained increases in oil prices, particularly if tensions escalate. This environment could be beneficial for energy stocks and ETFs.

STLAView STLA chart on TradingView

Negative

Stellantis is facing challenges due to a recall and a significant drop in profit margin guidance, which places additional pressure on its stock performance moving forward.

AAPLView AAPL chart on TradingView

Negative

Weak demand forecasts for Apple may suggest a potential downturn in its stock price as analysts anticipate struggles in the near future.

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