Wall Street Unsteady Amid Labor Report Anticipation and Middle East Tensions

Wall Street faces a mixed session amid uncertainty over labor reports and Middle East tension. S&P 500 shows growth, but weekly jobless claims rise; Oil prices surge due to geopolitical concerns. Rates and economic growth are under scrutiny with bond yields inching higher and market volatility rising.

In a volatile trading session on Thursday, Wall Street's main indexes showed mixed results as investors exercised caution ahead of a critical labor report due later this week. Heightened attention was also given to the ongoing tensions in the Middle East.

The S&P 500 briefly turned positive following the Institute for Supply Management survey, which reported a significant jump in U.S. service sector activity to a one-and-a-half-year peak in September. This signals a robust third-quarter economic performance, though jobless claims also saw a slight increase last week. The impending nonfarm payrolls report for September is eagerly awaited.

Investor sentiment remains cautious with a projected 65.6% chance of a 25-basis-point cut at the Federal Reserve's November meeting, compared to 50.7% last week. Sharp discussions and fluctuations continue around geopolitical results and market volatility, as evidenced by the CBOE volatility index hitting over three-week highs.

(With inputs from agencies.)