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

Published On Oct 3, 2024, 4:12 PM

On Thursday, stock markets experienced a slight decline as investors awaited the upcoming jobs report while also reacting to rising oil prices linked to tensions between Israel and Iran. The S&P 500 and Dow Jones saw minor losses, while the tech-heavy Nasdaq remained close to flat. Rising oil prices, which increased more than 5%, were driven by fears of supply disruptions due to a potential Israeli attack on Iranian oil facilities. Investors are closely watching labor market indicators ahead of the jobs report, which is expected to show a modest increase in employment.

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Stock Forecasts

XLEView XLE chart on TradingView

Positive

Due to ongoing Mideast tensions causing oil prices to spike, energy stocks are likely to continue to perform well in the near term. Investors may want to consider exposure to energy ETFs.

NVDAView NVDA chart on TradingView

Positive

Nvidia's strong demand for its next-generation chips suggests potential growth for the tech sector, especially semiconductor stocks. This upward trend may continue if the overall market stabilizes.

TSLAView TSLA chart on TradingView

Negative

Tesla is facing challenges, including disappointing delivery figures and halted online orders for one of its models. This may lead to further decline in its stock price in the near term.

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