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Geopolitical Shockwave: U.S. Stocks Fall, Oil Prices Spike After Iran Strikes Israel

by Team Lumida
October 2, 2024
in Macro, Markets
Reading Time: 3 mins read
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Key Takeaways:

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1. Nasdaq fell 1.5% while oil prices surged 2.4% after Iran’s missile attack.
2. Investors flocked to safe-haven assets like Treasurys and gold amid market volatility.
3. Tech stocks led the decline, with Apple dropping 2.9% due to production cut rumors.

What Happened?

Iran launched approximately 200 ballistic missiles at Israel, sending shockwaves through global markets. The attack spurred a significant rise in oil prices, with U.S. crude futures jumping up to 5% intraday before closing 2.4% higher at $69.83 a barrel.

This escalation in the Middle East led to a notable decline in major U.S. stock indexes. The Nasdaq Composite dropped 1.5%, the S&P 500 fell 0.9%, and the Dow Jones Industrial Average slipped 0.4%, all retreating from Monday’s record highs. Investors shifted their focus to safe-haven assets, causing Treasury yields to dip as bond prices rose.

Why It Matters?

Geopolitical tensions, especially involving key oil-producing regions like the Middle East, can dramatically impact global markets. The missile attack on Israel heightened fears of a broader conflict that could disrupt oil shipments through the crucial Strait of Hormuz. Such disruptions would have far-reaching implications for global energy supplies and prices.

Quincy Krosby, chief global strategist at LPL Financial, warned that military conflicts could quickly escalate, leading to significant market sell-offs and heavy inflows into safe-haven assets like gold and Treasurys. The immediate market response, while moderated later, underscores the fragility of investor sentiment in the face of geopolitical uncertainties.

What’s Next?

Investors should brace for continued volatility as the situation in the Middle East evolves. Future escalations could trigger further market instability and fluctuations in oil prices. Watch for any disruptions in oil supply routes, particularly the Strait of Hormuz, which could amplify the impact on energy markets. Additionally, keep an eye on tech stocks, which suffered notable losses, with Apple falling 2.9% amid production cut rumors. Companies like Nvidia, Micron, and Intel also saw declines.

Conversely, energy sector stocks like Occidental Petroleum and Marathon Oil may continue to benefit from rising oil prices. Overall, staying informed about geopolitical developments and market reactions will be crucial for navigating this uncertain landscape.

Source: WSJ
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018