The Dow Jones Industrial Average closed lower on Monday (October 31) as investors eyed the Federal Reserve’s (Fed) monetary policy meeting on November 1-2, amid expectations the Fed’s growth was higher which will raise interest rates by 0.75% on this of meeting time
The Dow Jones Industrial Average closed at 32,732.95, down 128.85, or -0.39%, the S&P500 closed at 3,871.98, down 29.08, or -0.75%, and the Nasdaq closed at 10,988.15, down 1,03% or -1.
Ryan Detrick, analyst at Carson Corporation. group said The New York Stock Exchange closed weaker on Monday. After last week’s strong surge. Investors are keeping an eye on the Fed’s monetary policy meeting, which begins on Tuesday, November 1 and will announce its decisions on Wednesday, November 2, US time.
Investors expected that the Fed will raise interest rates by 0.75% at this meeting. and if as expected This will lead to the Fed raising interest rates by 0.75% four times in a row after raising 0.75% in June, July and September.
Throughout October. The Dow was up 13.95 percent, making its strongest monthly record since 1976, while the S&P was up 7.99% and the Nasdaq was up 3.9 percent.
10 of the 11 stocks in the S&P500 index closed in negative territory last night. led by technology and communications stocks Alphabet was down 1.85 percent, Microsoft was down 1.59 percent, Meta Platforms was down 6.09 percent, and Netflix was 1.30 percent.
Apple shares fell 1.54 percent after Reuters reported, citing sources that say iPhone production at the Foxconn factory in Zhengzhou. which is Apple’s largest iPhone assembly plant. It may fall by as much as 30% next month due to China’s strict COVID-19 control measures
Energy stocks rebound Exxon Mobil was up 0.12 percent, Halliburton was up 1.31 percent and Chevron was up 0.51 percent.
Investors eyeing US labor data this week. This includes October private payrolls figures from the ADP, weekly unemployment claims. and the number of non-farm wages in October
Investors are also keeping an eye on the US mid-term elections on November 8, which will be a big bet between the Democrats and the Republicans. There will be 435 seats in the US House of Representatives, including 35 out of 100 senators, as well as gubernatorial elections in 39 states, as well as a number of local officials. and if Republicans win over Democrats it will make it difficult to pass laws, including President Joe Biden’s economic stimulus package. Amid the current decline in President Biden’s popularity
survey results from RealClearPolitics have found that Republicans will be able to hold a majority in the US House of Representatives after the midterm elections. The Democratic Party currently has a small majority. Elections in the Senate are closely matched between Democrats and Republicans. Before the election, the two parties had equal votes, namely 50-50.