The week in markets: Oil and gas stocks surge amid world tensions; Ford, GM sell more EVs

It was a relatively flat week for the major stock indices as traders opted for caution following the rallies of recent weeks and amid intensifying conflict in the Middle East.

A basket of U.S. oil and gas stocks recorded their strongest weekly performance in two years as oil prices and energy stocks surged, driven by concerns over supply disruptions as Iran retaliated with militarily after Israeli forces announced they'd killed Hezbollah leader Hassan Nasrallah during airstrikes in Beirut. U.S. President Joe Biden's statement that the U.S. spoke with Israel about a possible attack on Iran's oil facilities only fueled the surge.

Major Chinese tech giants saw another week of strong gains, too, driven by heightened investor enthusiasm over domestic stimulus policies.

The U.S. labor market continued to defy gravity. In September, 254,000 new non-farm payroll jobs were added, significantly beating forecasts.

The unemployment rate fell more than expected and wages grew at a faster-than-anticipated pace. This has prompted market participants and economists to reconsider the need for aggressive further interest rate cuts by the Federal Reserve.

Ford, GM see EV growth

Ford reported that its U.S. electric vehicle sales gained momentum in the third quarter despite a slowdown in its top-selling Mustang Mach-E SUV. The Dearborn-based automaker said it experienced strong performance from its F-150 Lightning and E-Transit models, bolstering efforts to expand its presence in the U.S. electric vehicle market. General Motors also reported EV sales growth.

In overall sales, Ford reported its U.S. sales were flat, GM reported a slight dip in U.S. sales and Stellantis , which owns the Jeep, Ram, Chrysler, Dodge and Fiat brands, showed a decline as grim as its second quarter drop.

More: The Fed's bold move on interest rates has ripple effects, plus GM makes a bold move, too

Next new tech shift

Mark Zuckerberg suggested Meta's upcoming AR platform, Orion, could become the next major tech shift after smartphones. He considers augmented reality a transformative force, with Orion possibly leading the charge in a new era of immersive, wearable technology, revolutionizing how people interact with the digital world.

Where to put your money, if not in Nvidia

Jim Cramer, the host of the TV show "Mad Money," highlighted that investor "hot money" is shifting from leading AI hardware and software maker Nvidia and tech giant Apple toward Chinese stocks. He advised those interested in the Chinese market to focus on tech services company Alibaba, emphasizing it as a key player amid the growing investment interest in China’s tech sector.

Detroit Free Press writers Eric D. Lawrence, Jamie L. LaReau and Adrienne Roberts contributed to this article.

Benzinga is a financial news and data company headquartered in Detroit.

This article originally appeared on Detroit Free Press: The week in markets: Oil and gas stocks surge amid world tensions; Ford, GM sell more EVs