Market Sells Off Over Iran's Attack On Israel, Port Strikes, Hurricane Helene: National Security Adviser Calls Attack 'Defeated And Ineffective'
Portfolio Pulse from Chris Katje
The market reacted to Iran's missile attack on Israel, Hurricane Helene, and port strikes, causing fluctuations in stock prices. The United States Oil Fund (USO) and SPDR Gold Trust (GLD) saw price increases, while major indexes like SPDR S&P 500 ETF Trust (SPY), SPDR Dow Jones Industrial Average ETF (DIA), and Invesco QQQ Trust (QQQ) experienced declines. Technology stocks were hit hardest, while defense and oil stocks rose.
October 01, 2024 | 8:53 pm
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POSITIVE IMPACT
The SPDR Gold Trust (GLD) increased by 1% to $245.61 as investors sought safe-haven assets amid geopolitical tensions.
Gold is traditionally seen as a safe-haven asset during geopolitical instability, leading to increased demand and higher prices.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The United States Oil Fund (USO) rose 3% to $72.11 due to increased oil prices following Iran's missile attack on Israel.
The geopolitical tension in the Middle East often leads to increased oil prices due to potential supply disruptions, benefiting oil-related funds like USO.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR Dow Jones Industrial Average ETF (DIA) decreased by 0.4% to $421.50 amid market volatility.
DIA, tracking the Dow Jones, is affected by overall market sentiment, which turned negative due to geopolitical concerns.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The Invesco QQQ Trust (QQQ) dropped 1.4% to $481.27, with technology stocks being hit hardest by the market sell-off.
Technology stocks, which QQQ tracks, are often more volatile and sensitive to market sell-offs, leading to a sharper decline.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) fell 0.9% to $568.62 due to market sell-off triggered by geopolitical tensions and other events.
The broad market index SPY is sensitive to geopolitical events, leading to a sell-off as investors react to increased risks.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90