Wall Street Logs 3rd-Straight Monthly Loss

The Dow and S&P are on a three-month losing streak for the first time since 2020

Deputy Editor
Oct 31, 2023 at 4:33 PM
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Despite modest gains today, all three major benchmarks finished October with their third-straight monthly loss. For the Dow and S&P 500, this is the worst monthly losing streak since January to March of 2020, the onset of the coronavirus pandemic. And while the Cboe Volatility Index (VIX) closed at two-week lows today, Wall Street's "fear gauge" logged back-to-back monthly gains for the first time since August to September 2022. 

  • Put traders crowding CVS stock before earnings tomorrow.
  • What grounded this discount airline stock.
  • Plus, an auto stock to watch; Tesla's supply troubles; and CAT drags the Dow.

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5 Things to Know Today

  1. The U.S. Department of the Treasury is upping the annual interest of its Series I bond to 5.27%, the fourth-highest rate since the bonds were introduced in 1998. (CNBC)
  2. Ford Motor's (F) rating was restored to investment grade from junk by S&P Global Ratings just days after the after the company struck a deal with the UAW union. (MarketWatch)
  3. Analyst praised underperforming auto stock.
  4. Tesla stock dinged by supplier's production cut.
  5. Blue-chip stock suddenly can't get anything right.

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Oil Futures Fall Nearly 11% in October

Oil futures closed the day lower, marking a 10.8% monthly loss in the process as investors assessed the risks tied to the Israel-Hamas conflict. For the session, December-dated West Texas Intermediate (WTI) crude lost $1.29, or 1.6%, to close at $81.02 a barrel, their lowest settlement since Aug. 28.

December-dated gold rose 0.2% to settle at $2,009.70 an ounce for the day. The bigger story is the monthly rise, set for its largest since November 2022. 

 

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