Market update: S&P, Dow & Nasdaq Composite up despite Middle East news

Investing

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Published: October 2, 2024 10:06 am

Last Updated: October 2, 2024 12:06 pm

The major US indexes are flat-to-up this afternoon with the S&P 500 (^GSPC) up 0.14%, the Dow (^DJI) up 0.12% and Nasdaq (^IXIC) up 0.33% despite opening slightly down on news of escalations from the Middle East.

Crude oil prices are up another 3% today after a 5% increase yesterday on the same news. This combined with the potential for a longer-term port strike could contribute to a return of increased inflation despite the progress that’s been made over the past year.

A beaten down Nike — temporary or long-term trouble?

Nike’s (NYSE: NKE) stock price is down 5% today after they withdrew their previous earnings guidance given the CEO transition. Their stock is down 21% year-to-date. It’s a company worthy of keeping on eye on for your investing dollars as it has the right characteristics of an iconic American brand in transition. That said, their stock has been cut in half since the Covid peaks, and it’s worth understanding if the new CEO has a realistic long-term plan before investing.

Tesla missed deliveries — does it matter?

Seemingly every other quarter Tesla (Nasdaq: TSLA) misses a promised delivery date or estimate (as they did this quarter,) and it follows that the market panics for one or two days, before continuing the buy up the stock, sending it ever higher. Fitting that pattern, Tesla is down 4% on the news, but as a long-term investor used to this electric optionality rollercoaster, I will remain invested.

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