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Stock market today: live updates

Stock market today: live updates

A trader works on the floor of the New York Stock Exchange on September 4, 2024 in New York City.

Michael M. Santiago | Getty Images

Stock prices fell on Tuesday as the seemingly escalating situation in the Middle East dampened investor enthusiasm after a strong quarter.

The Dow Jones Industrial Average fell 168 points or 0.4%. The S&P 500 fell by 1.1%, and the Nasdaq Composite lost 1.6%.

West Texas Intermediate crude oil The surge came as a senior White House official told NBC News there were “indications” that Iran was preparing to fire a ballistic missile directly at Israel. A jump into the CBOE Volatility Index (VIX)Also known as Wall Street's fear gauge, over 20 highlights the growing concern among traders.

“The fear of contagion is always destabilizing,” said Keith Buchanan, senior portfolio manager at Globalt Investments. “Aside, of course, from the overwhelming impact on lives, markets take a direct hit when there are forces that almost promise some degree of destabilization.”

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WTI crude oil intraday

About four out of five S&P 500 stocks traded lower during the session, highlighting broader problems for the market. However, following the Middle East report, energy stocks diverged significantly, with the S&P 500 sector gaining more than 1%.

Technology stocks felt the brunt of Tuesday's declines, explaining the Nasdaq's outsized losses. Tesla slipped 4% while Nvidia And Apple decreased by more than 3%. But Facebook parent Meta bucked this trend and rose near all-time highs.

Small-cap stocks also took a hit Russell 2000 Slipping by more than 1%.

Stocks emerge as winners month and quarter

Tuesday's decline comes after the S&P 500 and Dow set closing records in the previous session, which marked the end of the trading month and quarter. September is usually the worst month of the year for stocks, but this time it broke past trends.

All three major averages posted monthly gains and it was the first positive September for the S&P 500 since 2019. The S&P 500, Dow and Nasdaq also ended the third quarter in positive territory.

Stocks rose on Monday even as Federal Reserve Chairman Jerome Powell said the central bank was not following “a predetermined course” when it comes to the next steps in interest rate policy. He said he expects two more cuts this year – a quarter of a percentage point each – if the economy performs as expected.

Investors will now look to Friday's September nonfarm payrolls report, which could serve as a catalyst for key averages.

Traders also observed a strike by members of the International Longshoremen's Association on the East and Gulf Coasts. While consumers may not feel the pinch immediately, the disruption could cost the U.S. economy hundreds of millions of dollars.

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