Stock market today: Stocks waver as Mideast caution grips investors

Published On Oct 2, 2024, 11:26 AM

US stocks were mixed on Wednesday as escalating tensions between Israel and Iran triggered caution in the market. The S&P 500 and Dow Jones showed slight gains, while the Nasdaq increased by about 0.2%. Geopolitical concerns and rising oil prices due to these tensions have overshadowed previous optimism around potential US interest rate cuts. Additionally, job data indicated stronger employment growth with 143,000 jobs added in September, which exceeded expectations. On the corporate front, Nike's stock fell 7% after it withdrew its annual guidance amidst disappointing earnings, while Tesla's stock dropped 5% due to third-quarter deliveries that missed expectations.

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Stock Forecasts

NKEView NKE chart on TradingView

Negative

Given the geopolitical tensions and potential supply chain disruptions, as well as considerable pressures on Nike and Tesla stocks, investors may adopt a cautious stance in the near term. The increasing oil prices could contribute to inflation concerns, leading to further market instability.

TSLAView TSLA chart on TradingView

Negative

As geopolitical tensions influence oil prices and investor sentiment, and with potential economic slowdowns on the horizon, Tesla may experience continued volatility. With deliveries missing projections, this trend could prompt further declines.

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