
US stocks closed lower on Thursday. Ongoing tensions in the Middle East dampened risk appetite and drove oil futures prices higher. Meanwhile, initial jobless claims in the US slightly exceeded expectations last week. Investors are now awaiting Friday’s critical non-farm payroll report.
Concerns about potential disruptions to oil supplies due to the escalating Middle East tensions continued to push oil prices higher. US WTI crude oil surged approximately 5% on Thursday, marking its third consecutive day of gains. For the week so far, the commodity has jumped more than 8%.
Mary Ann Bartels, Chief Investment Strategist at Sanctuary Wealth, commented: “While the stock market is grappling with multiple concerns—ranging from escalating tensions in the Middle East, the East Coast port strike, to uncertainties surrounding the presidential election—liquidity remains key. Now that the Federal Reserve has started cutting rates, this signals that the market has room to continue rising.”
US Stocks
Fundamental Analysis:
Major tech stocks mostly fell. Apple dropped 0.49%, Microsoft declined 0.14%, while Nvidia rose 3.37%, pushing its market cap back above $3 trillion. Google C shares slipped 0.06%, Amazon lost 1.52%, while Meta gained 1.74%, and Tesla plunged 3.36%.
Most popular Chinese stocks also declined. Fangdd fell 13.93%, Bilibili dropped 8.80%, NIO slipped 7.07%, and XPeng Motors declined 7.05%. Baidu fell 5.12%, Li Auto was down 3.61%, TAL Education lost 3.47%, Alibaba dropped 2.09%, Tencent Music slid 1.60%, JD.com fell 0.45%, and Pinduoduo dipped 0.06%.
Technical Analysis:

Market Trends:
- Dow Jones: Fell 184.93 points, or 0.44%, to close at 42,011.59
- Nasdaq: Dropped 6.64 points, or 0.04%, to close at 17,918.48
- S&P 500: Declined 9.60 points, or 0.17%, to close at 5,699.94
Hong Kong Stock Market
Fundamental Analysis:
Hong Kong’s three major indices opened lower but rallied throughout the day. Semiconductor stocks surged, with Shanghai Fudan up 23% and SMIC climbing 21%. The pharmaceutical outsourcing sector also saw strong gains, with WuXi AppTec rising 16% and WuXi Biologics up 13%.
Oil and gas stocks were active, with China Oil & Gas Holdings surging 43% and CNOOC Oilfield Services up 5%. Chinese brokerage firms extended their rally, with Shenwan Hongyuan up more than 23%, Everbright Securities up 16%, and China Merchants Securities climbing 14%.
Oil and gas stocks remained buoyant, with China Oil & Gas Holdings soaring 43% and CNOOC Oilfield Services gaining 5%. Concerns about an escalation in Middle East conflicts disrupting supply—particularly fears that Israel may strike Iran’s oil infrastructure—drove oil prices higher for the third consecutive day.
US crude oil briefly surged 5.5%, nearing $74 per barrel, while Brent crude rose 5%, breaking $77, marking its highest level in over four weeks.
Technical Analysis:

Market Trends:
- Hang Seng Index: Rose 1.79%, closing at 22,509.98
- Hang Seng Tech Index: Gained 3.57%, closing at 5,156.61
- Hang Seng China Enterprises Index: Increased by 2.07%, closing at 8,077.98
FTSE China A50 Index
The Chinese mainland stock market (A-shares) is closed from October 1 to October 7 for the National Day holiday and will resume trading on Tuesday, October 8.
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