On October 20, 2023, the S&P 500 Index fell by 0.20%, the Dow Jones Industrial Average dropped by 0.63%, and the Nasdaq 100 Index decreased by 0.24%. Both the S&P 500 and Nasdaq 100 hit two-week lows, while the Dow reached a 2.5-week low. The rise in oil prices, driven by President Trump’s threats against Iran, contributed to concerns about inflation and pushed the 10-year Treasury yield to 4.70%, up 5 basis points.
Key economic indicators showed mixed signals; initial unemployment claims unexpectedly fell by 6,000 to 206,000, and the August Philadelphia Fed business outlook survey rose to 47.4, a 5.25-year high, exceeding expectations. Conversely, Walmart shares plummeted more than 9% after reporting lower-than-expected Q2 sales and a full-year EPS forecast below consensus.
WTI crude prices reached a one-month high, rising over 2% as Trump warned of severe consequences for nations aiding Iran. The current geopolitical climate continues to restrict crude supplies through the Strait of Hormuz, maintaining upward pressure on oil prices amidst ongoing market uncertainties.
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