Market Brief 1 October, 2024

Good evening, investors and traders! The markets are experiencing a mixed day, with the Nasdaq 100 Index (NDX) down by -1.43% to 19,772.84 and the S&P 500 Index (GSPC) down by -0.93% to 5,708.72. The news is dominated by the escalating conflict between Israel and Iran, with Iran launching a barrage of missiles at Israel, prompting a sharp rise in oil prices and a surge in gold. The US economy continues to show signs of slowing, with the manufacturing PMI falling to its lowest level since June 2023. The port strike on the US East and Gulf coasts is also causing disruptions, potentially impacting the upcoming election. Amidst these developments, Ripple's XRP price has broken a 3.5-year downtrend, and Bitwise has filed for an XRP ETF, signaling a potential shift in institutional crypto investment.