Stock market today: Stocks slip as Mideast caution grips investors
Published On Oct 2, 2024, 9:34 AM
U.S. stocks have experienced a downturn today due to increasing tensions between Israel and Iran, leading to investor caution. The S&P 500 fell approximately 0.3% while both the Dow Jones and Nasdaq also recorded slight declines. The market is further affected by increasing oil prices, which have surged due to fears of supply disruptions resulting from the conflict. The economic outlook remains pressured as traders worry rising oil prices could impact U.S. inflation, undermining previously hopeful sentiments regarding potential interest rate cuts from the Federal Reserve. Additionally, Nike's shares dropped by 5% after the company withdrew its annual guidance following disappointing revenue in the first quarter.
Stock Forecasts
NKE
Negative
As geopolitical tensions persist and oil prices rise, the overall market sentiment remains negative. Investors may seek to avoid stocks heavily affected by these conditions, such as consumer discretionary companies like Nike.
XLE
Positive
Given the rising oil prices linked to geopolitical instability, investments in oil and energy sector stocks might see positive movement as traders hedge against potential supply disruptions.
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