Traders work on the floor of the New York Stock Exchange during morning trading on May 17, 2024.
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“We entered today with concerns about how the port strike would impact markets and potential economic growth, but those concerns quickly moved to the Middle East,” said Ryan Detrick, chief market strategist at Carson Group. “The biggest concern now is if this conflict turns into a full-scale war in the entire region, which of course could be a major surprise in October.”
The technology sector was the worst performing sector on Tuesday. The IT sector of the S&P 500 fell 2.7% and posted its worst session in nearly a month, leading to a bearish trend by giant companies such as… apple, Nvidia, Microsoft and Tesla. US Treasury yields fell as investors sought safer assets.
Ahead of the key September jobs report on Friday, Wall Street on Wednesday will gain insight into the state of private payrolls from the ADP employment survey. Friday's non-farm payrolls report could play a key role in the market's direction and the next interest rate move by the Fed as the cutting cycle begins.
Correction: Ryan Detrick is chief market strategist at Carson Group. An earlier version misstated the company's identity.
