Stock market today: Stocks edge higher amid Mideast caution, Tesla slips after deliveries fall short

Published On Oct 2, 2024, 4:02 PM

US stocks saw minor gains as geopolitical tensions rose in the Middle East. The S&P 500, Dow Jones, and Nasdaq closed with slight increases, despite earlier concerns over escalating conflicts impacting market sentiment. Oil prices surged significantly due to fears of supply disruption amid these tensions. Companies like Tesla and Nike faced stock declines after reporting quarterly results that fell short of expectations. Upcoming economic data, including the September jobs report, will be crucial for assessing the impact of these factors on US inflation and the Federal Reserve's interest rate strategy.

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Stock Forecasts

TSLAView TSLA chart on TradingView

Negative

The slight downturn in Tesla's stock reflects investor skepticism following missed delivery expectations. This could continue unless future growth metrics improve significantly or upcoming events catalyze investor sentiment positively.

NKEView NKE chart on TradingView

Negative

Nike's decision to withdraw guidance amid disappointing revenue suggests ongoing struggles that could weigh on its stock price in the short term, making it a cautious choice for investors right now.

XLEView XLE chart on TradingView

Positive

Higher oil prices due to geopolitical tensions could further strain the US economy, potentially impacting sectors sensitive to oil prices and inflation. Utility and energy sectors might see variation based on supply concerns.

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