Stock market today: Dow leads declines ahead of jobs report, oil surges 5% as Mideast focus intensifies

Published On Oct 3, 2024, 4:02 PM

U.S. stocks experienced a downturn on Thursday, primarily influenced by an impending jobs report and rising oil prices due to escalating tensions in the Middle East. The S&P 500, Dow Jones, and Nasdaq Composite all posted slight declines as investors remained cautious. Notably, Tesla's stock continued to fall after disappointing delivery numbers and operational uncertainties. Furthermore, the market anticipates that any unforeseen signs from the upcoming jobs report could sway the Federal Reserve's interest rate strategies.

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Stock Forecasts

XLEView XLE chart on TradingView

Positive

Given the recent anticipatory behavior around the jobs report and ongoing geopolitical tensions affecting oil prices, energy stocks, particularly in the XLE ETF, could see positive movement. The heightened oil prices are likely to benefit companies involved in the energy sector.

TSLAView TSLA chart on TradingView

Negative

Tesla's recent performance and decision to halt online orders for its Model 3 amid poor delivery figures reflects a troubling trend, potentially leading to further declines. The stock's recent downturn and negative news could continue to pressure the share price in the near term.

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