Stock market today: Stocks slip as Mideast caution grips investors

Published On Oct 2, 2024, 9:34 AM

U.S. stocks have experienced a downturn today due to increasing tensions between Israel and Iran, leading to investor caution. The S&P 500 fell approximately 0.3% while both the Dow Jones and Nasdaq also recorded slight declines. The market is further affected by increasing oil prices, which have surged due to fears of supply disruptions resulting from the conflict. The economic outlook remains pressured as traders worry rising oil prices could impact U.S. inflation, undermining previously hopeful sentiments regarding potential interest rate cuts from the Federal Reserve. Additionally, Nike's shares dropped by 5% after the company withdrew its annual guidance following disappointing revenue in the first quarter.