U.S. stocks closed lower on Thursday as investors stayed cautious ahead of September's payrolls report, with ongoing tensions in the Middle East weighing on market sentiment. 📉🌍
The Dow Jones Industrial Average fell by 184.93 points, or 0.44 percent, to 42,011.59. The S&P 500 sank 9.60 points, or 0.17 percent, to 5,699.94. Meanwhile, the Nasdaq Composite Index shed 6.65 points, or 0.04 percent, to 17,918.48.
Eight of the 11 primary S&P 500 sectors ended in the red, with consumer discretionary and materials leading the decline by losing 1.28 percent and 1.15 percent, respectively. On the flip side, energy and technology sectors saw gains, rising by 1.58 percent and 0.60 percent. 📊✨
October has been a turbulent month for the markets, as escalating conflicts in the Middle East dampen investors' enthusiasm. Earlier this week, stocks took a sharp hit following Iran's missile attack on Israel, and the situation intensified as Israel launched a ground offensive into Lebanon. 🕊️⚔️
U.S. crude futures surged by more than 5 percent, extending their week-to-date gain to over 8 percent, driven by geopolitical concerns pushing oil prices higher. Meanwhile, weekly jobless claims slightly exceeded economists' expectations, adding to the uncertainty ahead of Friday's crucial payrolls report. 🛢️📈
Janus Henderson's equities portfolio manager, Jeremiah Buckley, shared his insights: \"We can't focus too much on one month of job reports, but the trend is moving in the right direction from an inflation standpoint and a labor market balance standpoint,\" Buckley said Thursday. \"We continue to believe the fundamental economic backdrop continues to be positive.\" 👍📈
In corporate news, Tesla shares continued their decline, falling over three percent after Reuters reported that the electric vehicle maker had stopped taking U.S. online orders for its cheapest Model 3, following disappointing delivery numbers. 🚗📉
