TheDrop Market Analysis, 10/2/24

Stocks plummeted today as the accumulation of many world events leaves investors anxious for the returns of their stocks.

All large index funds, just like yesterday, are down. The worst of which was the Dow, which plummeted significantly in the early afternoon, falling over 100 points. This has also had a market-wide reaction of bearish results, especially in Big Tech, which reversed many of its previous gains from the aftermath of the Fed rate cut.

A massive strike along the East Coast has made the prices of all types of goods from groceries to luxury products under risk, as most goods imported into America come from these key eastern ports. Furthermore, Iranian attacks on Israel have posed a significant risk to the global economy as a whole, possibly dragging both the Middle East and the United States into another expensive forever-war and even, hopefully not, a world war.

These tensions did bring one sign of bullishness: the price of oil. In the past few days, especially today, the price of oil surged, giving a much needed boost to oil barons who profit more from higher prices.