Wall Street wavers on Middle East missile news
Defense-related stocks were up Tuesday, but all major U.S. indexes closed in the red following news that Iran launched a ballistic missile attack on Israel. Despite some good news that August saw more job openings than economists expected, the Middle East conflict combined with a massive $7.5 billion weekly estimated price tag on the longshoremen strike sent a chill through markets.
S&P 500 Futures: 5,762.00 ⬇️ down 0.90%
S&P 500: 5,708.75 ⬇️ down 0.93%
Nasdaq Composite: 17,910.36 ⬇️ down 1.53%
Dow Jones Industrial Average: 42,156.97 ⬇️ down 0.41%
STOXX Europe 600: 520.88 ⬇️ down 0.38%
Nikkei 225: 38,651.97 ⬆️ up 1.93%
Bitcoin: $62,041.40 ⬇️ down 1.85%
US: Stocks slump slightly on strikes
Ballistic strikes and labor strikes had investors nervous Tuesday, with the S&P slumping from its Monday high to close down 0.93%. Oil prices jumped Tuesday in response to the Middle East conflict, while Northrop Grumman Corp. shares climbed 2.33% and Lockheed Martin Corp. jumped 3.64%. And in the tech sector, AI chip players such as Nvidia were down amid questions about the longshoremen strike's impact on the supply chain. Ultimately the Dow closed down 0.41% and the Nasdaq was down 1.53%.
Europe: New economic data fails to inspire markets
European stocks were down slightly Tuesday, failing to move on preliminary September data for the Eurozone showing inflation came in at 1.8%., below the European Central Bank's 2% target. The STOXX Europe 600 rose 0.20% early in the day on that news, with investors hoping for further rate cuts. But gains slid back following Iran's missile strike. However, as in the U.S., European defense companies actually saw their shares climb on the news. At the end of trading, the STOXX Europe 600 was down 0.38%
Japan: Markets shake off Shigeru shudder
A day after a 4.8% decline following the election of Shigeru Ishiba as the new prime minister—a decision anticipated to boost the yen and reduce the competitiveness of Japanese exports—the Nikkei 225 recovered, climbing 1.93%. This rebound was driven by positive economic reports showing stable business confidence among major manufacturers and a drop in unemployment. Leading the charge were heavy industry firms Kawasaki and Mitsubishi, both seeing gains of approximately 8%.
China: Markets on holiday from best week since ’08
It's a holiday in China, where stocks closed out their best week since 2008 last week—and the Shanghai Stock Exchange index posted a 8.06% gain Monday, its biggest jump since 2008.
This story was originally featured on Fortune.com