On October 30, 2026, the S&P 500 Index dropped by 0.42%, the Dow Jones Industrial Average fell by 0.55%, and the Nasdaq 100 Index decreased by 0.23%. E-mini S&P futures fell by 0.40%, while September E-mini Nasdaq futures decreased by 0.18%. The decline in these indices is attributed to heightened tensions in the Middle East, which have led to a more than 2% spike in crude oil prices and a corresponding inflation outlook impact.
Crude oil futures reached a one-week high after reports of strikes exchanged between the US and Iran, with the 10-year Treasury yield hitting a 19-month high of 4.75%. The probability of a Federal Reserve interest rate hike at the upcoming FOMC meeting on September 15-16 has risen to 64%, up from 36%. In China, the manufacturing PMI increased to 49.8, while the non-manufacturing PMI remained unchanged at 49.0, indicating mixed economic signals.
Among individual stocks, airlines and cruise lines suffered losses due to rising fuel costs linked to higher crude prices, with American Airlines, Delta Air Lines, and Carnival down more than 2%. Conversely, energy stocks like SLB Ltd and Halliburton gained over 4%, benefiting from the oil price surge. Noteworthy earnings reports included Science Applications International Corp, which reported Q2 revenue of $1.88 billion, surpassing expectations.
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