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Stocks mostly fall: All focus shifts to Fed and rate hikes

31 October 2022
2706
2 min.
10
Stocks mostly fall: All focus shifts to Fed and rate hikes

Start of trading

US stock indices are down in early trading on Monday. However, stock indices may end October with a record rise in decades.

The Dow Jones Industrial Average was up 14.4 per cent from the start of the month to the close of trading on Friday. The index could record its biggest monthly gain since January 1976 and the best October in its history.

The attention of market participants is directed towards the November meeting of the US Federal Reserve (Fed). The meeting will be held on 1-2 November. It is expected that after that, the US central bank might slow the pace of rate hikes.

"There were plenty of reasons for a big sell-off in equities last week, including weak reporting by IT giants, data on an acceleration in the PCE index, a key inflation indicator for the Fed, and new lockdowns in China," said the head of research at Fundstrat. "However, the S&P 500 index was up 4% for the week and up 12% in a fortnight."

About half of the companies in the S&P 500 index have already reported third-quarter earnings, and on average they recorded a 2.2% rise in quarterly earnings, the worst performance since the third quarter of 2020, when the index collapsed by 5.7%, a senior analyst at FactSet said. Nevertheless, 71% of the companies that have already reported exceeded market forecasts for earnings per share and 68% for revenue.

The Dow Jones Industrial Average index was down 159.12 points (-0.48%) at 32702.68 by 9:50 a.m. ET.

Boeing (NYSE:BA) -2.5%, with Chevron Corp (NYSE:CVX) +1.5% showing the biggest gains.

The Standard and Poor's 500 fell 28.47 points (-0.73%) to 3,872.59 points.

The Nasdaq Composite fell 122.84 points (-1.11%) to 10979.61 points.

Global Payments' market value is down 7.5%. The company increased revenue last quarter, which came as a surprise to analysts, while its adjusted profit rose 14%, matching experts' forecasts.

Emerson Electric shares are up 0.1%. The company increased net profit by 10% in Q4 FY2022, with adjusted earnings and revenue beating forecasts. It is also worth noting that the company confirmed the sale of a majority stake in its HVAC technology division to New York-based investment company Blackstone for $9.5bn.

XPO Logistics' stock price is up 2%. The company recorded a decline in revenue for the third quarter, but increased net income from continuing operations.

Companies10 in the news

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