As Brent crude rose above $112 a barrel amid fears of renewed US-Israeli strikes on Iran, Wall Street fell on renewed concerns over AI spending. Meanw…
1/5US Markets | US stocks fell sharply on Thursday, led by a 2.1% drop in the Nasdaq Composite, as concerns over artificial intelligence spending resurfaced. The S&P 500 declined 1.3%, while the Dow Jones Industrial Average lost 279 points, or 0.5%. Oil prices climbed amid escalating geopolitical tensions.
2/5Crude oil | Crude oil prices jumped after The New York Times reported, citing sources, that the US and Israel have plans for renewed strikes against Iran following next month’s midterm US elections. President Donald Trump also told reporters late Wednesday that Washington is not negotiating with Tehran and that something will happen “fairly soon.” International benchmark Brent crude futures traded 3% higher at above $112.45 per barrel. West Texas Intermediate crude futures advanced 2% to above $99.95 per barrel.
3/5US-Iran war | Seven oil tankers caught fire or were damaged in the Strait of Hormuz overnight after being hit by Iran or striking naval mines, Tehran said Thursday, a markedly high number as tensions rise over concerns about a return to all-out war. With days before a close election in Israel in which Prime Minister Benjamin Netanyahu could lose power, and before next month’s US midterm election in which war-linked high prices have sparked voter anger, there are concerns that US-Israeli attacks on Iran could resume.
4/5US unemployment | The number of Americans filing new claims for unemployment benefits fell to near a 57-year low last week, pointing to subdued layoffs and continued stability in the US labour market. Initial claims for state unemployment benefits dropped by 6,000 to a seasonally adjusted 194,000 in the week ended October 17, the US Labour Department said on Thursday. The latest reading puts claims within striking distance of the 189,000 recorded in mid-July, the lowest level since 1969.
5/5Second Quarter Results | Several companies are scheduled to announce their September quarter results on Thursday, including Infosys Ltd, Dr Reddy’s Laboratories Ltd, Tata Motors Ltd, Adani Power Ltd, Coforge Ltd, CRISIL Ltd and Godrej Properties Ltd. Other companies set to report their Q2 results include IndusInd Bank Ltd, JSW Steel Ltd, Mahindra Logistics Ltd, Shree Cement Ltd, Torrent Pharmaceuticals Ltd, Westlife Foodworld Ltd, Atul Ltd, CSB Bank Ltd, Machhar Industries Ltd, Steel Strips Wheels Ltd, Sterlite Technologies Ltd and UTI Asset Management Company Ltd.