On October 2, 2023, the S&P 500 Index rose by 0.59%, the Dow Jones Industrial Average increased by 0.64%, and the Nasdaq 100 Index gained 0.67%. The market saw strength largely due to the “Magnificent Seven” technology stocks, with significant gains including Amazon up over 3% and other tech giants also rising sharply. The positive momentum follows a diplomatic easing between the U.S. and Iran, who agreed to halt hostilities, with peace talks planned to resume in Doha.
In commodities, WTI crude oil prices surged more than 1% in reaction to recent tensions in the Strait of Hormuz, particularly following U.S. retaliatory strikes against Iranian military positions. However, crude prices moderated as both nations agreed to cease hostilities and allow safe passage for ships in the strait.
Market forecasts suggest a 32% probability of a 25 basis point rate hike by the Federal Reserve at the upcoming meeting on July 28-29. European and Asian markets also reflected positive trends, with the Euro Stoxx 50 up 0.10% and China’s Shanghai Composite rebounding by 1.16%.
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