Stocks, including Dow and S&P 500, experienced losses in October due to poor earnings reactions

From Nasdaq: 2024-10-31 16:23:27

Stocks ended the month on a scary note, with the Dow dropping 378 points and finishing in the red for eight of the last nine sessions. The S&P 500 and Nasdaq also fell due to poor post-earnings reactions from Big Tech, with the Nasdaq experiencing its worst single-session decline since September 3. As Election Day nears, all three major indexes closed the month with losses, the Dow and S&P 500’s first since April. The Cboe Volatility Index (VIX) reached its highest close since August 7 as investor restlessness grows.

In other news, Chicago’s Purchasing Manufactures Index (PMI) dropped in October, household savings are on the rise in Europe, Meta and Microsoft faced challenges today, insurance companies reported earnings, and Carvana and Peloton shares have shown strong growth this year.

Oil prices rose today due to geopolitical tensions, with December-dated West Texas Intermediate (WTI) crude settling at $69.26 per barrel, up 1% for the session and 1.6% for the month. Gold prices saw a significant one-day drop, with December delivery shedding 1.8% to $2,749.30 an ounce. Despite this, gold finished October up 3.4%, serving as a safe-haven asset amidst global uncertainties.



Read more at Nasdaq: Dow, S&P 500 Log First Monthly Loss Since April