APA, Apple, Tesla and more

Key insights

• Major U.S. indexes lost ground midday Tuesday as worries about rising tensions in the Middle East weighed on markets.

• Oil prices rose, driving up shares of APA and other oil industry companies.

• Apple shares fell as Barclays warned of weak demand for the iPhone 16.

Major U.S. indexes lost ground early in the new month and quarter midday Tuesday as worries about tensions in the Middle East rattled the market. The Nasdaq fell more than 2%, the S&P 500 lost 1% and the Dow was also in the red.

APA Corporation shares (APA) and other oil companies rose along with crude oil prices on concerns about tensions in the Middle East.

The prospect of an escalation of the conflict in the region also caused shares of the military contractor Northrop Grumman to rise (NOC) and Lockheed Martin (LMT).

Tesla (TSLA) Stocks fell as Chinese electric vehicle (EV) rivals posted record September deliveries and Apple (AAPL) Shares fell as Barclays warned of weak demand for the iPhone 16.

Amentum shares (AMTM) plunged after surging yesterday as the engineering services company had its first day of trading as a member of the S&P 500 index.

United Natural Foods (UNFI) shares soared as the grocery wholesaler posted a surprise adjusted profit on booming sales from its biggest customer, Amazon (AMZN) whole foods.

Worries in the Middle East drove investors into traditional safe havens such as gold and U.S. Treasuries, which rose. The US dollar gained against the euro and the pound but lost ground against the yen. Most major cryptocurrencies traded lower.

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