Nasdaq Ends 1.5% Down on Higher JOLTS and ME Tensions
Market movements today were driven by geopolitical tensions rather than economic data, which sent most stocks lower, with Nasdaq ending 1.50% down. An Iranian missile strike on Israel led to a decline in risk assets and a surge in safe havens. However, crude oil prices benefited from the incident as markets feared potential damage to Iran’s oil infrastructure following Israel’s warning of retaliation.
The Canadian dollar (CAD) strengthened, supported by the rise in oil prices, making it one of the strongest currencies of the day. Stock markets, however, closed lower, with the Nasdaq down by around 2%. A strong JOLTS report, which indicated that the Federal Reserve may not need to cut rates by 50 basis points in November, had little effect on sentiment, as geopolitics overshadowed economic factors.
The S&P 500 closed 53 points lower, down 0.9% to 5,708 points. Apple’s disappointing iPhone sales forecast contributed to the market’s downturn, while Alphabet (Google) and Meta Platforms saw their shares rise by about 0.7%, offering a bright spot in an otherwise challenging market day.
The final numbers for the major US indices show a down day across the board:
Closing Prices for Main US Indices and Stocks
- Dow Jones Industrial Average dropped 173.18 points or -0.41%, closing at 42,156.97.
- S&P 500 Index fell 53.73 points or -0.93%, ending at 5,708.75.
- NASDAQ Composite declined 278.81 points or -1.53%, finishing at 17,910.96.
- Russell 2000 (small caps) decreased 32.93 points or -1.48%, closing at 2,197.03.
Among Major US Companies:
- Apple shares fell -2.91%.
- Nvidia dropped -3.66%.
- Microsoft was down -2.33%.
- On the upside, Google/Alphabet shares rose 0.69%.
- Meta Platforms gained 0.70%.
S&P 500 Index Live Chart
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