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U.S. Stock Futures Decline and Oil Prices Soar amid Geopolitical Uncertainty

by Administrator Forexezy
October 8, 2023
in News
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U.S. stock-index futures experienced a decline while oil prices soared late Sunday following a surprise attack on Israel by Hamas, leading to increased geopolitical uncertainty. The Dow Jones Industrial Average futures (YM00, -0.58%) dropped more than 200 points, or 0.7%, in response, with S&P 500 futures (ES00, -0.75%) and Nasdaq-100 futures (NQ00, -0.70%) also experiencing a significant decrease.

Conversely, late Sunday saw a surge in oil futures (CL00, +3.24%). Analysts predict that crude prices may rise in the short term due to potential impact on Iranian oil exports resulting from this attack.

Stephen Innes, managing partner at SPI Asset Management, explains, “With the Middle East Powder Keg igniting again, oil prices will rise tangentially to heightened geopolitical risks.” He further expressed concerns about the escalation of terrorism in the region, stating, “We should expect continued turbulence in crude oil prices as the rates-driven recession fears give way to the worrisome terrorist escalation in the Middle East.”

Hamas launched a sweeping attack on Israel on Saturday, resulting in numerous casualties. In response, Israel retaliated by bombarding the Gaza Strip. On Sunday, the Israeli government declared war with Prime Minister Benjamin Netanyahu promising vengeance and warning of a prolonged and challenging battle ahead. According to The Wall Street Journal, there are reports suggesting that Iran played a role in planning the attack, potentially further escalating the conflict if confirmed.

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Israeli Stocks Experience Slump Following Gaza Attack

Additionally, Israeli stocks faced significant losses on their first day of trade since the Gaza attack.

Recap of Recent Market Performance

On Friday, the Dow Jones Industrial Average (DJIA) closed at 33,407.58 points, experiencing a rise of 288.01 points, or 0.9%. The S&P 500 (SPX) also saw a gain of 50.31 points, or 1.2%, ending at 4,308.50 points. Similarly, the Nasdaq Composite (COMP) climbed 211.51 points, or 1.6%, reaching 13,431.34 points.

For the week, the Dow fell by 0.3%, while the S&P 500 had a marginal increase of 0.5% and the Nasdaq rose by 1.6%. This marked the third consecutive week of decline for the Dow, while the S&P 500 broke its four-week losing streak, and the Nasdaq witnessed its second consecutive week of growth.

Upcoming Market Events

Investors eagerly await the release of September inflation data scheduled for this week. They are also anticipating the start of the third-quarter earnings season, with companies such as JPMorgan Chase & Co. (JPM) and Delta Air Lines (DAL) reporting their results in the coming days.

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Tags: geopolitical uncertaintyHamasIsraelOil pricesStock Futures
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