Investors react to surge in oil prices as OPEC+ resists production increase calls.

From Google: 2024-10-02 15:32:00

Investors are reacting to a surge in oil prices after OPEC+ resists calls to accelerate production increases. Crude oil prices hit a three-month high, with Brent reaching $84 a barrel. Tech stocks are struggling as rising energy costs threaten profit margins. Nike reports strong earnings, beating expectations, with revenue increasing by 16% to $12.2 billion. The S&P 500 and Dow Jones Industrial Average both close lower, while the Nasdaq ends the day slightly higher. The Russell 2000 small-cap index drops 1.1%. Overall, markets are feeling the impact of uncertainties around inflation and energy prices.



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