Concerns about an escalating conflict in the Middle East drove stocks lower and oil prices higher in the previous session. While oil continued to climb on Wednesday, major stock indexes saw more restrained movement.
On the economic front, investors received positive news this morning. ADP reported that the U.S. private sector added 143,000 jobs in September, breaking a five-month trend of slowing growth and surpassing economists’ expectations.
Following this, the yield on the 10-year Treasury note ticked up. Now, attention shifts to Friday’s release of the monthly jobs report.
In recent market developments:
- Stocks saw modest gains, with the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all edging higher.
- Tesla shares declined after an update on vehicle deliveries, while Humana dropped due to growing concerns about its Medicare Advantage program. Nike also slid after pulling its guidance.
- Brent crude, the global oil benchmark, rose about 1.5%.
- U.S. Treasury yields increased, with the 10-year note settling around 3.74% on Tuesday.
- Global markets showed mixed results: Japan’s Nikkei 225 fell 2%, while Hong Kong’s Hang Seng Index surged over 6%. Mainland Chinese markets remained closed.
