We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Wall Street ended lower on Tuesday as investors reviewed the Job Openings and Labor Turnover Survey (JOLTS) data while geopolitical tensions drove crude oil prices higher. The Dow, the S&P 500 and the Nasdaq all ended the day in negative territory.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.4% or 173.18 points to close at 42,156.97. 19 components of the 30-stock index ended in negative territory, while 11 ended in negative.
The tech-heavy Nasdaq Composite declined 278.81 points or 1.5% to 17,910.36.
The S&P 500 lost 0.9%, or 53.73 points, to end at 5,708.75. Seven broad sectors of the benchmark index closed in the red, while four ended in the green. The Technology Select Sector SPDR (XLK), the Real Estate Select Sector SPDR (XLRE), and the Health Care Select Sector SPDR (XLV) fell 2.4%, 0.6% and 0.5%, respectively.
The fear-gauge CBOE Volatility Index (VIX) increased 15.1% to 19.26. A total of 13.16 billion shares were traded on Tuesday, higher than the last 20-session average of 11.98 billion. The S&P 500 posted 51 new 52-week highs and two new lows while the Nasdaq Composite recorded 75 new highs and 137 new lows.
Geopolitical Tensions Drive Crude Oil Prices
U.S. crude oil prices surged over 2% on Tuesday due to growing tensions in the Middle East after Iran carried out a missile strike against Israel. The price of West Texas Intermediate (WTI) crude for November delivery ended at $69 83 per barrel with an increase of $66 or 2 44%. The Brent December contract also rose by $ 86 or 2 59%, reaching $73 56 per barrel.
The tensions have escalated over the past week as Israel has launched airstrikes on the Iran-supported Hezbollah militia and sent troops into southern Lebanon. The growing concerns about a strike in Israel have led to an increase, in crude oil prices.
The U.S. labor market showed resilience in August, with job openings surpassing expectations. According to the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS), new positions rose to over 8 million, an increase of 329,000 from July and surpassing the consensus estimate of 7.7 million.
Manufacturing Data Unchanged
On Tuesday, the Institute of Supply Management (ISM) reported that the manufacturing index was unchanged at 47.2% in September, less than the consensus estimates of 47.3% and marking a decline in activity for three consecutive months. Notably, any reading below 50 indicates a contraction in manufacturing activities.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Stock Market News for Oct 2, 2024
Market News
Wall Street ended lower on Tuesday as investors reviewed the Job Openings and Labor Turnover Survey (JOLTS) data while geopolitical tensions drove crude oil prices higher. The Dow, the S&P 500 and the Nasdaq all ended the day in negative territory.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.4% or 173.18 points to close at 42,156.97. 19 components of the 30-stock index ended in negative territory, while 11 ended in negative.
The tech-heavy Nasdaq Composite declined 278.81 points or 1.5% to 17,910.36.
The S&P 500 lost 0.9%, or 53.73 points, to end at 5,708.75. Seven broad sectors of the benchmark index closed in the red, while four ended in the green. The Technology Select Sector SPDR (XLK), the Real Estate Select Sector SPDR (XLRE), and the Health Care Select Sector SPDR (XLV) fell 2.4%, 0.6% and 0.5%, respectively.
The fear-gauge CBOE Volatility Index (VIX) increased 15.1% to 19.26. A total of 13.16 billion shares were traded on Tuesday, higher than the last 20-session average of 11.98 billion. The S&P 500 posted 51 new 52-week highs and two new lows while the Nasdaq Composite recorded 75 new highs and 137 new lows.
Geopolitical Tensions Drive Crude Oil Prices
U.S. crude oil prices surged over 2% on Tuesday due to growing tensions in the Middle East after Iran carried out a missile strike against Israel. The price of West Texas Intermediate (WTI) crude for November delivery ended at $69 83 per barrel with an increase of $66 or 2 44%. The Brent December contract also rose by $ 86 or 2 59%, reaching $73 56 per barrel.
The tensions have escalated over the past week as Israel has launched airstrikes on the Iran-supported Hezbollah militia and sent troops into southern Lebanon. The growing concerns about a strike in Israel have led to an increase, in crude oil prices.
In this environment, the energy sector outperformed the broader market, climbing 2.3% on Tuesday. Consequently, shares of APA Corporation (APA - Free Report) and Hess Corporation (HES - Free Report) gained 4.9% and 2.3%, respectively. Both currently carry a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Job Openings Exceed Expectations
The U.S. labor market showed resilience in August, with job openings surpassing expectations. According to the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS), new positions rose to over 8 million, an increase of 329,000 from July and surpassing the consensus estimate of 7.7 million.
Manufacturing Data Unchanged
On Tuesday, the Institute of Supply Management (ISM) reported that the manufacturing index was unchanged at 47.2% in September, less than the consensus estimates of 47.3% and marking a decline in activity for three consecutive months. Notably, any reading below 50 indicates a contraction in manufacturing activities.