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.

Read full article

Stock Forecasts

XLEView XLE chart on TradingView

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.

XLYView XLY chart on TradingView

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.

Related News

Tampa's 'American Social' survives Hurricane Miton, reopens: 'One of a few' | Fox Business Video

American Social owner Rick Mijares says thousands are without power and many residents remain displaced in the aftermath of Hurrica

XLY

Dozens of UK-linked firms suspected of busting Russian oil sanctions

Oct 10, 2024, 8:09 PM

The government is investigating 37 companies - but has yet to hand out any fines, the BBC discovers.

IEO
XLE

Housing inflation eased in September in 'sharp reversal' from previous month

Oct 10, 2024, 11:29 AM

Shelter cost increases cooled on a monthly basis in September, an indication the most stubborn contributor of inflation may finally be giving ground.

XLY