US Markets
Tuesday, October 31st, 2023 1:49 pm EDT
Key Points
- Stock Market Decline: Stocks experienced a decline on Tuesday, ending a challenging month marked by surging Treasury yields. The Dow Jones Industrial Average fell by 87 points (0.2%), the S&P 500 declined by 0.18%, and the Nasdaq Composite was down by 0.6%.
- Caterpillar’s Earnings Report: Caterpillar reported earnings for the third quarter that exceeded estimates. However, the company’s announcement that its fourth-quarter revenue would only be “slightly” higher than the same quarter a year before raised concerns among investors, leading to a more than 5% decline in its shares.
- Ongoing Market Decline: Major stock averages, including the Dow and S&P 500, are set to close out their third consecutive losing month, with declines of about 2% and 3%, respectively. The Nasdaq, heavily focused on technology stocks, has also experienced a decline of more than 3% for the month, marking its third consecutive negative month. Additionally, investors are closely watching the Federal Reserve’s upcoming decision on interest rates and hoping that the October payrolls report, to be released on Friday, will show signs of a labor market slowdown.
Stocks experienced a decline on Tuesday, closing out a challenging month that witnessed surging Treasury yields. The Dow Jones Industrial Average dropped by 87 points, marking a 0.2% decrease, while the S&P 500 and the Nasdaq Composite fell by 0.18% and 0.6%, respectively.
During this earnings season, Caterpillar reported third-quarter earnings that exceeded expectations. However, the company’s announcement that its fourth-quarter revenue is expected to be only “slightly” higher than the same period last year raised concerns among investors, leading to a decline of more than 5% in its shares.
This marks the third consecutive month of losses for major stock averages. The Dow and S&P 500 have both experienced approximately 2% and 3% declines, respectively, marking their first three-month losing streak since March 2020. The Nasdaq, focused on technology stocks, has also declined more than 3% for the month, making it its third consecutive negative month.
Additionally, market participants are closely watching the Federal Reserve’s upcoming decision on interest rates, which is scheduled for Wednesday. According to the CME FedWatch Tool, Fed funds futures pricing indicates a roughly 98% probability that the central bank will maintain its current interest rate levels.
Investors are also eagerly anticipating the release of October’s payrolls report on Friday, hoping for indications of a slowdown in the labor market.
For the full original article on CNBC, please click here: https://www.cnbc.com/2023/10/30/stock-market-today-live-updates.html
