Volatility Strikes Wall Street Amid Global Concerns

Wall Street indices fell around 1% as traders reacted to Middle East conflict concerns, rising oil prices, and high Treasury yields. Investor attention was split between economic data, hurricane warnings, and a U.S. judge's order affecting Google's mobile business. Third-quarter earnings and inflation data also awaited.

Wall Street's major indices dipped roughly 1% following rising Treasury yields and heightened concerns over the Middle East conflict, which also influenced oil prices. Traders adjusted their strategies to await the upcoming corporate earnings season and fresh economic indicators, all while preparing for Hurricane Milton's potential impact this week.

The market also felt pressure after a U.S. judge mandated changes to Google's mobile-app business, aiming to broaden choices for Android users. This judicial order, coupled with analyst sell recommendations on Amazon and Apple, contributed to the day's selling momentum. With the recent jobs report exceeding expectations, traders recalibrated rate cut forecasts for the Federal Reserve's November meeting.

Economic anxieties were fueled by escalating tensions in the Middle East, further compounded by a volatile U.S. market reacting to external factors such as geopolitical conflicts and natural disasters. Analysts noted a shift in focus, emphasizing the upcoming inflation data and key earnings reports as traders sought direction amidst the chaos.

(With inputs from agencies.)