Stocks fell on Monday, but the Dow Jones Industrial Average hit its highest level since 1976 and all major averages fell for the second month in a row.
The Dow Jones Industrial Average fell 128.85 points (0.39%) to settle at 32,732.95. The S&P 500 closed 0.75% lower at 3,871.98 and the Nasdaq Composite closed 1.03% lower at 10,988.15.
The market recovered significantly in October. The Dow led these gains and over the month he was up 13.95%. 30 shares finished their best month since 1976 as investors bet on more traditional companies such as banks to lead the next bulls. The S&P and Nasdaq rose about 8% and 3.9%, respectively, in October.
“Equities are taking a breather after last week’s big rally,” said Ryan Detrick, chief market strategist at Carson Group. A pause makes even more sense.”
The October gains came despite a complicated third-quarter earnings season that has shown slowing growth and major disappointments from tech giants such as Meta Platforms and Amazon. Those names sparked tech losses on Monday as investors moved away from the growth sector.
Traders are gearing up this week for the latest Federal Reserve meeting to begin on Tuesday. The central bank is widely expected to raise interest rates by 75 basis points on Wednesday. Many on Wall Street are looking for signals from the Federal Open Market Committee’s statement or Jerome Powell’s press conference that the Fed may pause or scale back rate hikes in the near future. increase.
“Wednesday’s message will be important for market expectations going forward,” said Quincy Crosby of LPL Financial. You’ll have to be clever in your answer.”
Earnings season continues this week with reports from Uber, Pfizer and Advanced Micro Devices. Investors are also hopeful for his October jobs report, due out on Friday.