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Traders work on the floor of the New York Stock Exchange during morning trading on May 17, 2024.
Michael M. Santiago | Getty Images
Ryan Detrick, chief market strategist at Carson Group, said: “We entered this day concerned about how much impact the port strike would have on markets and potential economic growth, but those concerns quickly turned to the Middle East. “I moved to ,” he said. “The big concern now is whether this conflict will escalate into a larger war across the region. Of course, that could be a big October surprise.”
Technology was the worst performing sector on Tuesday. The S&P 500’s information technology sector fell 2.7%, its worst session in nearly a month, led by declines in mega-cap stocks such as Apple, Nvidia, Microsoft and Tesla. U.S. Treasury yields fell as investors sought safer assets.
Ahead of Friday’s keynote September jobs report, Wall Street on Wednesday will get insight into the state of private payrolls from the ADP jobs survey. Friday’s non-farm payrolls report could have a big impact on the direction of the market and the Fed’s next interest rate move as it begins its rate-cutting cycle.
Correction: Ryan Detrick is Chief Market Strategist at Carson Group. Previous versions misidentified companies.
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