US Markets
Monday, October 9th, 2023 10:42 pm EDT
Key Points
- U.S. Stock Futures and Market Response: U.S. stock futures were relatively flat on Monday night as Wall Street assessed the potential impact and risks associated with the ongoing Israel-Hamas conflict. Dow Jones Industrial Average futures increased by just 2 points (0.01%), S&P 500 futures saw a similar gain (0.01%), and Nasdaq 100 futures added 0.05%. During Monday’s trading session, stocks initially dipped but eventually turned positive, with the Dow gaining 197 points (0.59%), the Nasdaq Composite rising 0.4%, and the S&P 500 adding 0.6%.
- Energy and Defense Sector Gains: Amid the conflict, West Texas Intermediate crude and Brent oil prices surged by more than 4%, marking their best days since April. Additionally, stocks in the energy and defense sectors experienced notable gains.
- Geopolitical Impact and Concerns: The Israel-Hamas conflict, characterized as the deadliest offensive in 50 years, has resulted in casualties on both sides, with over 900 Israelis and more than 687 Palestinians reported dead. Market experts acknowledge that while geopolitical events like this can initially cause market jitters, the longer-term impact tends to be somewhat contained. Investors are also concerned about the potential impact of tougher sanctions on Iran and disruptions to global oil supply. Tightened sanctions on Iran could have a more pronounced effect on oil markets. Additionally, upcoming economic data and corporate earnings reports, such as the NFIB Small Business Survey, August wholesale inventories, and PepsiCo’s quarterly earnings, are being closely monitored by investors.
The article discusses the impact of the Israel-Hamas conflict on U.S. stock futures and Wall Street’s response. U.S. stock futures were mostly flat as investors assessed the potential consequences and risks associated with a prolonged conflict.
Dow Jones Industrial Average futures inched up by 2 points (0.01%), S&P 500 futures saw a similar gain (0.01%), and Nasdaq 100 futures increased by 0.05%. During the trading session on Monday, stocks initially experienced losses, with the Nasdaq dropping over 1% at its lowest point. However, markets rebounded, with the Dow gaining 197 points (0.59%), the Nasdaq Composite up by 0.4%, and the S&P 500 adding 0.6%. Energy and defense stocks surged, and crude oil prices also saw significant increases.
The conflict between Israel and Hamas, the deadliest offensive in 50 years, has resulted in casualties on both sides. At least 900 Israelis have been killed in what Hamas calls Operation Al Aqsa Flood, while over 687 Palestinians have died in retaliatory Israeli strikes in the Gaza Strip.
Market experts, while acknowledging initial market jitters, suggest that the longer-term impact of geopolitical events like this conflict tends to be somewhat contained. Concerns have also arisen regarding potential sanctions on Iran and their impact on global oil supply. Tightened sanctions and disruptions to Iran’s oil supply could have a more pronounced effect on oil markets.
Investors are also closely monitoring upcoming economic data, including the release of the NFIB Small Business Survey data from September and August’s wholesale inventories numbers. Additionally, they are keeping an eye on PepsiCo’s quarterly earnings results, scheduled for release on Tuesday before the opening bell.
For full original article on CNBC, please click here: https://www.cnbc.com/2023/10/09/stock-market-today-live-updates.html
