Oil prices surge due to Middle East tensions, causing mixed trading in stocks

From Google News: 2024-10-02 03:58:12

Stocks were trading mixed as oil prices surged due to tensions in the Middle East. Investors remain cautious as they assess the impact on global markets. The S&P 500 and Dow Jones Industrial Average both saw slight gains, while the Nasdaq fell slightly. Oil prices jumped over 3%, with Brent crude hitting $70 per barrel.

In response to the escalating crisis in the Middle East, investors are closely monitoring the situation for potential disruptions to oil supplies. Shares of energy companies are rising, with Chevron and Exxon Mobil seeing gains. Technology stocks, however, continue to face pressure, pushing the Nasdaq down.

As the market remains unsettled, gold prices are also on the rise, reaching $1,550 per ounce. This reflects investors seeking safe-haven assets amid geopolitical uncertainty. In other news, consumer sentiment in the US fell unexpectedly in January, with concerns about the economic outlook weighing on confidence.

Despite the mixed trading, overall market volatility remains low as investors navigate the geopolitical landscape. The impact of ongoing tensions in the Middle East on global markets continues to be a key concern. Investors are advised to closely monitor developments and adjust their portfolios accordingly to manage risks.



Read more at Google News: Stocks Trade Mixed as Oil Jumps on Mideast Crisis: Markets Wrap – Yahoo Finance