Traders work on the floor of the New York Stock Exchange during morning trading on May 17, 2024.
Michael M. Santiago | Getty Images
Stock futures fell in overnight trading following a tough start from October to the final quarter of 2024.
futures tied to Dow Jones Industrial Average Although we lost 96 points, S&P500 futures and Nasdaq 100 futures They fell by about 0.1% and 0.2%, respectively.
In after-hours activities, nike Shares fell more than 5% after the sneaker giant lowered its full-year outlook ahead of a CEO change. Elliott Hill will join Nike's executive team on October 14th. The apparel company's first-quarter profit beat Wall Street expectations, but sales fell short of targets.
Major averages are emerging from a bear market as rising tensions in the Middle East lower risk appetite and reduce investor enthusiasm for the new trading period. of Dow Jones Industrial Average Although it fell by more than 173 points, S&P500 and Nasdaq Composite They fell by 0.93% and 1.53%, respectively.
Oil prices soared on Tuesday; CBOE Volatility Index (.VIX) The number increased sharply after Iran fired a ballistic missile at Israel. The attack came as Israel launched a ground operation into Lebanon and tensions with the Iranian-backed militant group Hezbollah escalated.
Ryan Detrick, chief market strategist at Carson Group, said: “We entered this day concerned about how much impact the port strike would have on markets and potential economic growth, but those concerns quickly turned to the Middle East. “I moved to ,” he said. “The big concern now is whether this conflict will escalate into a larger war across the region. Of course, that could be a big October surprise.”
Technology was the worst performing sector on Tuesday. The S&P 500's information technology sector fell 2.7%, its worst session in nearly a month. apple, Nvidia, microsoft and tesla. U.S. Treasury yields fell as investors sought safer assets.
Ahead of Friday's keynote September jobs report, Wall Street on Wednesday will get insight into the state of private payrolls from the ADP jobs survey. Friday's non-farm payrolls report could have a big impact on the direction of the market and the Fed's next interest rate move as it begins its rate-cutting cycle.
Correction: Ryan Detrick is Chief Market Strategist at Carson Group. Previous versions misidentified companies.
