Market Volatility Continues Amid Ongoing US-Iran Conflict
Stocks on Wall Street traded mixed Tuesday as the ongoing US-Iran conflict continues to impact global markets. The S&P 500 dipped by a mere 0.1% in afternoon trading, while the Dow Jones Industrial Average fell 119 points or 0.2%. In contrast, the Nasdaq composite edged up 0.1%.
The market's performance was largely influenced by rising oil prices and Treasury yields. Brent crude oil prices dropped 1.7% to settle at $96.16 a barrel, which is still above its pre-conflict level of around $72. This surge in oil prices has contributed to higher Treasury yields, with the 10-year yield reaching 5.26%, its highest level since 2002.
Energy stocks were among the biggest losers, with Exxon Mobil falling by 1%. Meanwhile, shares of CarMax rose 6.3% after the company reported strong second-quarter revenue and profits that exceeded Wall Street expectations. However, Oura, a maker of wearable digital health accessories, postponed its initial public offering due to uncertainty in the IPO market.
Market analysts are closely monitoring economic updates this week, including the release of the jobs market data on Tuesday and the US employment report for September on Friday. The latest update showed that job openings fell to 7.08 million in August, below economists' forecasts. Additionally, consumer confidence dipped to its lowest level in 12 years, with Americans feeling more scarce jobs and pulling back on big-ticket purchases.