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US Stocks retreated on Monday, but the Dow capped off October 2022 as its month of best performance since 1976 and all the major averages recorded a successive two-month with losses.
The Dow Jones Industrial Average fell 128.85 points, or 0.39%, to settle at 32,732.95. The S&P 500 shed 0.75% to finish at 3,871.98, while the Nasdaq Composite tumbled 1.03% to 10,988.15.
Markets made a huge comeback in October. The Dow was leader of all gains, soaring 13.95% for the month. The 30-stock finished its best month since 1976 as investors bet on more traditional companies, like banks, to lead the next bull. The S&P and Nasdaq gained about 8% and 3.9%, respectively, for October.
Stocks are taking a breather after the big run last week, then, there comes the important Fed policy meeting and interest rate decision on Wednesday, this is why there was a pause on Monday’s US session.
October’s gains have come despite a mixed third-quarter earnings season, which has shown slowing growth and major disappointments from large tech companies such as Meta Platforms and Amazon. Those names led Monday’s tech losses as investors drifted out of the growth sector.
