Market Update: Dow, S&P, and Nasdaq Decline Amid Low Trading Volume
On October 2, 2023, the Dow Jones Industrial Average fell by 0.08%, the S&P 500 dropped 0.12%, and the Nasdaq Composite declined 0.32% during midday trading. The movement came as the markets prepare for Wednesday’s consumer price index report, with inflation expected to be around 3.4%, down from 3.5% in June.
Oil prices rose approximately 1.4%, surpassing $83 per barrel, following Iran’s reaffirmation that the Strait of Hormuz will remain closed until certain conditions are met. Concurrently, Alphabet and Amazon stocks each faced a 2.2% decline, contributing significantly to the drop in the Nasdaq Composite.
As of today, the Invesco S&P 500 Equal Weight ETF increased by 0.31%, contrasting with the cap-weighted Vanguard S&P 500 ETF, which fell by 0.12%. This indicates that while index averages are declining, a majority of individual stocks are performing well.
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