Stocks fell on Tuesday as traders assessed better-than-expected economic data and prepared for another potential interest rate hike from the Federal Reserve.
The Dow Jones Industrial Average fell 79.75 points, or 0.24%, to 32,653.20, while the S&P 500 fell 0.41% to 3,856.10. The Nasdaq Composite Index fell 0.89% to 10,890.85.
All major averages opened higher but then turned negative Job Opportunities in September Show flexibility in the labor market. The news heightened concerns that the central bank may maintain an aggressive stance as it struggles to tame high inflation.
Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research, said: “We are still in the bad news is the good news cycle.”
Tuesday marked the start of the Federal Reserve’s November meeting, which many expect will lead to a 75 basis point rate hike on Wednesday. Investors will be watching the central bank’s statement and Fed Chair Jerome Powell’s press conference for signs of a slowing pace of tightening.
Some losses were pared on Tuesday as a better-than-fear earnings season continued Strong report from Pfizer. Uber stock popped Almost 12% on earnings. This season, businesses have suffered from high inflation, high prices and a strong dollar.
Wall Street comes out of a A solid month of winnings. The Dow rose about 14% in October, its biggest monthly advance since January 1976, as investors moved away from technology and became powerful clients like banks. The S&P 500 and Nasdaq composite indexes added about 8% and 3.9%, respectively.
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