Home Business The market closes in October

The market closes in October


Stocks fell on Monday as the final trading day of October began, but the major averages were on pace to snap a two-month losing streak.

The Dow Jones Industrials fell 115.66 points to 32,746.14.

The S&P 500 fell 25.27 points to 3,875.79.

The NASDAQ fell 123.4 points, or 1.1%. until 10.979.05.

The markets made a strong comeback in October, with the Dow up 13.6% for the month and its best month since 1987. The S&P 500 has jumped more than 8% and the NASDAQ has jumped 4% this month.

The October earnings came despite a mixed third-quarter earnings season that featured slowing growth and several major disappointments from big tech companies like Meta Platforms and Amazon. The season continues with Uber, Pfizer and Advanced Micro Devices among the biggest names to report.

Traders are bracing it for the Federal Reserve’s latest meeting, which begins on Tuesday. The central bank is expected to raise rates again by three-quarters of a percent on Wednesday, but many on Wall Street are waiting for a signal from the FOMC statement or Chairman Jerome Powell’s press conference that the Fed may pause hikes in the near future or rein in their size.

Treasury prices edged lower, pushing the yield to 4.04% from 4.01% on Friday. Treasury prices and yields move in opposite directions.

Oil prices fell 91 cents to $86.99 a barrel.

Gold prices fell $3.50 to $1,641.30 an ounce.

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