S&P 500 drops due to Middle East tensions and weaker job market outlook.

From Investing.com: 2024-10-03 16:14:14

The S&P 500 dropped Thursday amid concerns of a weaker labor market and Middle East tensions. Futures were down 0.4%, with the index falling 0.2% and the Nasdaq down 0.1%.

Risk assets were impacted by escalating conflict in the Middle East. President Biden said the US doesn’t expect Israeli strikes on Iran today. Oil prices rose on geopolitical tensions, boosting energy stocks.

Jobless claims rose slightly, setting the stage for Friday’s key jobs report. Initial claims climbed to 225,000, close to a four-month low. Overall, markets are cautious ahead of the Federal Reserve’s upcoming meeting.

Levi Strauss slumped 7%, Tesla dropped 3% after a vehicle recall, and NVIDIA rose 3% on strong demand for its AI chips.



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