US stocks rise but end October lower for 3rd losing month in a row
Lucas Jackson/Reuters
- US stocks edged higher on Tuesday as investors prepare for the Federal Reserve's next interest rate decision.
- Fed Chairman Jerome Powell is expected to make no changes during Wednesday's FOMC meeting.
- Stocks ended October lower, representing the first three-month losing streak since early 2020.
US stocks edged higher on Tuesday but ended the month of October lower, representing the third consecutive monthly loss.
The last time the S&P 500 and Dow Jones Industrial Average suffered a three-month slump was in March 2020, during the onset of the COVID-19 pandemic.
Investors were also awaiting the Federal Reserve's rate decision Wednesday afternoon and Chairman Jerome Powell's press conference.
The market expects the Fed to keep rates unchanged and sees no more hikes this cycle with at least two rate cuts by the end of next year.
Investors continue to digest a wave of third-quarter earnings. More than half of the S&P 500 has reported, and about 78% of those companies beat profit estimates by a median of 6%, while 62% beat revenue estimates by a median of 2%, according to data from Fundstrat.
Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday:
- S&P 500: 4,193.80, up 0.65%
- Dow Jones Industrial Average: 33,052.87, up 0.38% (123.91 points)
- Nasdaq Composite: 12,851.24, up 0.48%
Here's what else is going on today:
- Stanley Druckenmiller said Treasury Secretary Janet Yellen made the worst mistake in the US Treasury's history by not issuing long-term debt when interest rates were so low.
- Housing affordability has plunged to the lowest level since 1985 as prospective homebuyers grapple with high mortgage rates and low housing inventory.
- Bitcoin is set to rocket to $150,000 by the middle of 2025 as the world's largest cryptocurrency begins a new cycle, Bernstein said.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil fell 1.32% to $81.22 a barrel. Brent crude, the international benchmark, dropped 1.23% to $85.29 a barrel.
- Gold declined 0.58% to $1,994.00 per ounce.
- The 10-year Treasury yield was flat at 4.89%.
- Bitcoin rose 0.01% to $34,496.
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