Dow Marks Best Month in Over 45 Years

November kicks off with a two-day Fed policy meeting tomorrow

Digital Content Manager
Oct 31, 2022 at 4:26 PM
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Though stocks settled lower today, all three major benchmarks snapped a two-month losing streak with solid wins. The Dow fell 128 points on Monday, but rose roughly 14% in October -- its best performance since 1976. The S&P 500 and Nasdaq also settled firmly in the red, but this month added 8% and 3.9%, respectively, amid strong gains from industrial and financial stocks.

Elsewhere, the Cboe Volatility Index (VIX) just turned in its worst month since July. November will start with a bang tomorrow, as the Federal Reserve kicks off its two-day policy meeting, which is expected to end with another aggressive interest rate hike.

Continue reading for more on today's market, including:

  • Avoid this lackluster gold stock next month.
  • Roku stock brushed off a pre-earnings bear note.
  • Plus, XPO pops on profit win; unpacking Emerson Electric's stake news; and why Hanesbrands stock plummeted.

The Dow Jones Average (DJI - 32,732.95) dropped 128.9 points, or 0.4% for the day, but gained roughly 14% for the month. Travelers (TRVL) led the gainers, adding 1.4%, while Intel (INTC) paced the laggards with a 2.2% loss.

The S&P 500 Index (SPX - 3,871.98) shed 29.1 points, or 0.8% for the day, but added 8% this month. Meanwhile, the Nasdaq Composite (IXIC - 10,988.15) fell 114.3 points, or 1% for the session, and gained 3.9% for the month.

Lastly, the Cboe Volatility Index (VIX - 25.88) rose 0.1 point, or 0.5% for the session, and lost 18.2% for the month.

closing summary Oct31

nyse nasdaq Oct31

5 Things to Know Today 

  1. Former U.S. President Donald Trump asked the Supreme Court to block a judge’s order that would give Congress access to several years of his tax returns.(CNBC)
  2. Cannabis stocks surged after U.S. Senate Majority Leader Chuck Schumer noted Congress is "very close" to passing a weed banking and expungements measure. (MarketWatch)
  3. How this logistics stock won the day.
  4. Is Emerson Electric selling a majority stake in its business?
  5. Hanesbrands stock hit with the brutal double downgrade.

Earnings Oct31

UVOL Oct31

Gold Prices Extend Monthly Losing Streak

Oil prices settled lower on Friday, following China's downbeat factory activity data and resurfacing Covid-19 restrictions. December-dated crude shed $1.37, or 1.6%, to finish at $86.53 per barrel. For October, black gold added 8.9%, snapping its four-month losing streak.

Gold prices moved lower as well to log their third consecutive daily drop and seventh-straight month of losses. Concerns that the Federal Reserve could maintain its hawkish policy weighed on the yellow metal ahead of this week's interest rate decision. December-dated gold shed 1.9% for the month, and for the day dropped $4.10, or 0.3%, to settle at $1,640.70 an ounce.

 

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