Stock market today: Nasdaq leads stock declines while oil spikes on Iran attack

Published On Oct 1, 2024, 1:29 PM

US stocks experienced a sell-off due to geopolitical tensions as Iran launched missile strikes against Israel, causing a surge in oil prices. The Dow Jones Industrial Average fell by approximately 0.8%, and the tech-heavy Nasdaq dropped around 2.1%. Job openings in August unexpectedly rose, indicating a somewhat stable labor market, while manufacturing data showed a contraction. Additionally, a dockworker strike has begun, potentially halting significant shipping activities. Analysts note that the impact of the oil price surge on inflation and the broader economy could remain manageable due to softer consumer demand.

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Stock Forecasts

XLEView XLE chart on TradingView

Positive

With the recent missile attacks escalating geopolitical tensions and oil prices soaring, energy stocks and ETFs are likely to perform well in the short term as they capitalize on rising oil prices. Investors may consider exposure to energy sector ETFs such as XLE, which should benefit from these market dynamics.

XLKView XLK chart on TradingView

Negative

Tech stocks, particularly giants like Apple and Nvidia, faced significant pressure due to the broader market sell-off and analyst downgrades suggesting weaker demand for products, notably the iPhone 16. This environment may lead to further declines in tech stocks, especially as economic uncertainty looms.

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