Stock Market Update Thursday October 3, 2024

Stock Market Update Thursday October 3, 2024 Stocks Slip as Middle East Tensions and Jobs Data Loom Equity markets declined today, pressured by escalating geopolitical tensions in the Middle East and caution ahead of tomorrow’s release of the September Jobs report. The S&P 500 slipped 0.17%, while the Nasdaq closed marginally lower at 0.04%, and the Russell 2000 underperformed with a 0.86% decline. Energy was the standout sector, gaining 1.6% as oil prices surged amid supply concerns. In contrast, Consumer Discretionary and Materials lagged, weighing on broader market sentiment.

Away From Stocks: Treasuries experienced selling pressure, with the 2-year and 30-year yields rising seven and four basis points, respectively, to 3.7% and 4.18%. In commodities, WTI crude surged toward $74 per barrel, while gold pared early losses, settling at $2,657 an ounce. Bitcoin advanced towards $61,000, and the VIX spiked to 20.5, gaining nearly two points on the day, reflecting heightened market volatility.