Stocks Steady in Nervy Wait for Israel Response: Markets Wrap
Published On Oct 2, 2024, 5:36 AM
Recent stock movements are cautious as traders await Israel's response to Iran's missile attacks, with tensions in the Middle East affecting market sentiment. The rise in oil prices to over $75 per barrel and a potential resurgence of geopolitical unrest have overshadowed previous optimism for easing central bank policies. In Europe, energy and defense stocks gained, while there were declines in certain consumer sectors like JD Sports after disappointing earnings. U.S. markets seem poised for a sluggish opening with futures indicating a slightly negative tone.
Stock Forecasts
XLE
Positive
The geopolitical tensions are causing fluctuations in oil prices and shifts towards defensive stocks, potentially making energy and defense sectors attractive in the current climate.
XLY
Negative
Given the downward pressure on consumer discretionary companies like JD following their earnings reports, the outlook for these sectors may be weak amidst rising geopolitical concerns.
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