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The S&P and Nasdaq closed lower amid Middle East tensions



October 14, 2023

09:04 am

The Standard & Poor’s and Nasdaq indexes fell on Friday as weak consumer confidence data and conflicts in the Middle East led investors to shy away from high-risk bets and washed out the impact of favorable quarterly profits for several major U.S. banks. All three Wall Street indexes started trading higher, but things turned around after a preliminary reading of US consumer confidence showed a sharp decline in October.
Investors are also watching news from the Middle East, where on Friday Israel said in its first announcement that it had carried out operations inside the Gaza Strip.
The S&P 500 index fell 21.66 points, or 0.49 percent, to 4,328.34, while the Nasdaq lost 166.98 points, or 1.23 percent, to 13,407.23. As for the Dow Jones industrial average, it rose 39.41 points, or 0.13 percent, to 33,673.39.
European shares
European shares fell on Friday after US inflation data fueled fears that interest rates will remain high for a longer period of time, while weak inflation data from China heightened worries about the global economy.
The European Stoxx 600 index fell 1%. Shares of mining companies and oil and gas companies posted gains as prices of commodities including oil and copper rose.
At the close, the German DAX indices fell -1.55%, the British FTSE -0.59% and the French CAC -1.42%.
Asian stocks
Asian stocks also fell, weighed down by data from China that indicated continued deflationary pressures in the world’s second-largest economy.
Japanese stocks fell on Friday, but losses in Japan’s Nikkei index were limited after a strong earnings report, with the index’s heavyweight fast-retailing rising 5.75 percent. The Nikkei index closed down 0.55 percent at 32,315.99, ending a three-day winning streak. The broader TOPICS index fell 1.44 percent.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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