Traders work on the New York Stock Exchange trading floor during morning trading on May 17, 2024.
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Stock futures fell early Wednesday following a poor start to October and the final quarter of 2024.
Futures and Dow Jones Industrial Average lost 158 points while S&P 500 Index Futures and Nasdaq 100 Futures fell by approximately 0.3% and 0.35% respectively.
In the after-hours action, Nike Shares fell more than 5% after the sneaker giant withdrew its full-year guidance ahead of replacing its chief executive. Elliott Hill will take over the helm of Nike on October 14.
Major stock indexes are experiencing losses as rising tensions in the Middle East dampen risk appetite and investor enthusiasm for the new trading period. this Dow Jones Industrial Average fell more than 173 points, while S&P 500 Index and Nasdaq Index fell 0.93% and 1.53% respectively.
Oil prices rose sharply on Tuesday CBOE Volatility Index (.VIX) Oil prices soar as Iran fires ballistic missiles at Israel. The attack comes as Israel begins a ground operation in Lebanon and escalates tensions with the Iran-backed militant group Hezbollah.
“We started out worried about how long the port strike would impact markets and underlying economic growth, but those concerns quickly shifted to the Middle East,” said Ryan Detrick, chief market strategist at Carson Group. “The biggest concern now is whether this conflict will turn into a larger war across the region, which of course could be a major incident in October.”
Technology stocks were the worst-performing sector on Tuesday. The S&P 500 information technology sector fell 2.7%, recording its worst trading day in nearly a month, leading to… apple, NVIDIA, Microsoft and Tesla. U.S. Treasury yields fell as investors sought safer assets.
Ahead of Friday’s September jobs report keynote, Wall Street will take a closer look at private employment through the ADP employment survey on Wednesday. Friday’s non-farm payrolls report could play an important role in the direction of the market and where the Fed’s interest rates go next as the rate-cutting cycle begins.
Correction: Ryan Detrick is chief market strategist at Carson Group. An earlier version incorrectly identified the company.
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