Major indices on the other side of the Atlantic were punished by increased investor demand for safe haven assets. The threat of escalation in the Middle East has hung over New York.
Major stock market indices in North America closed lower, as rising tensions in the Middle East pushed investors towards safer assets, especially after an attack on a hospital complicated diplomatic efforts to mitigate the conflict.
The market is also evaluating corporate results in the first full week of “earnings season.”
The Standard & Poor’s 500 Index, the benchmark for the region, lost 1.34% to 4,314.60 points, and the Dow Jones Industrial Average fell 0.98% to 4,314.60 points. 33665.41 points, and the Nasdaq technology index fell 1.62% to 13,314.30 points.
Among the most prominent events in market movements, Morgan Stanley shares declined by 6.78%, after witnessing the worst day in the stock market in three years and falling to the lowest levels of July 2022. This was after recording third-quarter profits of $2.41 thousand million in the year – the decline on the basis of… annual. However, the results were higher than estimates. The accounts of the bank led by James Gorman were supported by revenues from the “trading” sector.
The company also revealed, on Wednesday, that it will change the order of boarding the plane, effective October 26. Passengers traveling in economy class with a window seat will board first. The goal is to save time, and it is estimated that two minutes can be saved.
Procter & Gamble shares advanced 2.56%, after it revealed a net result in the first fiscal quarter that was higher than expected. The company achieved profits of $4.52 billion, above market expectations.
“The risks of escalating tensions in the Middle East have increased again, after reports of a bombing in a hospital,” Jane Foley, an analyst at Rabobank, told Bloomberg. He added that although there were some signs of panic, “if there is any sign of escalation, we can expect an increase in risk aversion.”
The market should now turn to the Netflix and Tesla accounts, which were released this evening.
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