Key Takeaways
- Major U.S. indexes lost ground at midday Tuesday as worries about rising tensions in the Middle East weighed on markets.
- Oil prices rose, lifting shares of APA and other companies in the oil industry.
- Apple shares fell as Barclays warned of weak demand for the iPhone 16.
Major U.S. indexes lost ground to begin the new month and quarter at midday Tuesday as concerns about Middle East tensions rattled the market. The Nasdaq fell more than 2%, the S&P 500 lost 1%, and the Dow was lower as well.
Shares of APA Corporation (APA) and other oil companies advanced along with the price of crude on concerns about tensions in the Middle East.
The prospect of escalating conflict in the region also lifted shares of military contractors Northrop Grumman (NOC) and Lockheed Martin (LMT).
Tesla (TSLA) shares declined as Chinese electric vehicle (EV) rivals posted record September deliveries and Apple (AAPL) shares fell as Barclays warned of weak demand for the iPhone 16.
Shares of Amentum (AMTM) plunged after soaring yesterday when the engineering services firm had its first trading day as a member of the S&P 500 index.
United Natural Foods (UNFI) shares soared as the grocery wholesaler reported a surprise adjusted profit on booming sales from its biggest customer, Amazon’s (AMZN) Whole Foods.
The Middle East worries drove investors to traditional safe havens including gold and U.S. Treasurys, which moved higher. The U.S. dollar was up on the euro and pound, but lost ground to the yen. Most major cryptocurrencies traded lower.
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