Stocks Rise on Fed Hopes But Investors Cautious Over Middle East Tensions

Stocks rose amid hopes the Federal Reserve is done hiking rates for now, but investors remain cautious due to Middle East tensions. The Dow gained 0.7% while the S&P 500 and Nasdaq rose about 1%.

Oil prices fell after gaining over 4% as investors monitored potential supply disruptions from the Middle East conflict. Brent crude lost almost 1% to over $87 per barrel.

Hollywood writers overwhelmingly ratified a new 3-year deal with studios, officially ending a nearly 150-day strike. 99% of Writers Guild members voted yes on the new contract.

The IMF cut its 2024 global GDP forecast to 2.9% from 3% in July, warning that overall growth will remain low as the economy "limps along."

Treasury yields dropped, easing off 16-year highs, as the 10-year fell 11 basis points to around 4.68%. Stocks edged up in premarket trading.