U.S. stocks pulled back from their records after a sharp escalation of tensions in the Middle East raised worries about potential disruptions to the flow of oil.

Major indexes fell Tuesday, retreating from recent record highs as technology stocks tumbled, while crude oil prices jumped on concerns about escalating tensions in the Middle East.

Oil prices saw a surge due to increasing concerns about potential violence escalation in the Middle East and possible disruptions to crude oil flow from the region

The S&P 500 fell 0.9% on Tuesday, Oct. 1, 2024, amid concerns about the economic impact of a strike by workers at major port facilities.

Stocks slumped at the start of a new month for the third consecutive time as market participants assessed the escalation of conflict in the Middle East and the possible fallout of a massive U.S. dockworkers strike.

The Dow Jones and S&P 500 hit record highs last week. There were two key economic drivers that extended the post rate cut rally.

With the attack of Iran on Israel earlier today, in addition to the dock strike across a large swath of the U.S., we saw more market-impacting news than we had even put on the calendar.

Manufacturing looks to continue progressing toward breakeven, while JOLTS data is expected to be mild. Plus Nike (NKE) earnings.

Wall Street closed its latest winning month and quarter with more records on Monday.

Stock prices moved mostly sideways on Friday, with the S&P 500 closing 0.13% lower, slightly pulling back from Thursday’s new record high of 5,767.37.