Stock Market Today: Dow, S&P 500 Set to Open Down: Trump Media, Nvidia, Super Micro, CVS, More Movers; Port Strike Fallout; Israel Fears

Oct 1, 2024

Key Events

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U.S. stocks managed a strong finish to the third quarter, with both the Dow Jones Industrial Average and S&P 500 closing at record highs on Monday. They were drifting back down in early trading Tuesday.

Dow futures lost 114 points, or 0.3%. S&P futures slipped 0.1%, while contracts tied to the Nasdaq 100 rose less than 0.1%.

There are several things that might be on traders’ minds at the start of the month. The first is Federal Reserve Chair Jerome Powell’s comment Monday that quarter-point rate reductions are preferred, when many traders had their hopes up for more half-point moves.

Another is the strike by dock workers, which threatens to cost the economy about $4 billion a day, according to J.P. Morgan analysts. A third is that Israel is sending troops into Lebanon, threatening to widen the conflict in the Middle East further.

On Tuesday, investors will hear from more Fed speakers, as well as get data on manufacturing and job openings. The big economic news of the week promises to be the September labor market report out Friday.

Markets in China, which have risen sharply over the past week after a string of stimulus measures were announced, are now closed for the Golden Week holiday.

The yield on the 10-year Treasury was at 3.758% early Tuesday, little changed from 24 hours earlier. The yield on the two-year note was at 3.633%, slightly higher than at the start of the week.

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