Major indexes sold off today, as Big Tech earnings weighed
Stocks finished the month with a thud, selling off in scary fashion fitting for Halloween. The Dow lost 378 points, and has finished in the red in eight of the last nine sessions. The S&P 500 and Nasdaq also fell victim to dismal post-earnings reactions from Big Tech, the latter suffering its worst single-session decline since Sept. 3.
All three major indexes finished with monthly losses, the Dow and S&P 500's first since April. As Election Day nears and investor restlessness churns, the Cboe Volatility Index (VIX) logged its highest close since Aug. 7.
Continue reading for more on today's market, including:
- Buy the dip on this struggling semiconductor stock.
- Uber stock hasn't done this in two years.
- Plus, Big Tech breaks down; insurance sector look-in; and two stocks up off the mat.
5 Things to Know Today
- Chicago's Purchasing Manufactures Index (PMI) fell in October. (MarketWatch)
- What to make of household savings on the rise in Europe. (Reuters)
- What really happened with Meta and Microsoft today?
- Insurance companies braved the earnings confessional.
- Carvana and Peloton shares have been through it all.
Commodities Post Monthly Wins Despite Daily Chop
Oil prices climbed today, as geopolitical tensions propped up demand. December-dated West Texas Intermediate (WTI) crude rose 65 cents, or 1%, to settle at $69.26 per barrel for the session. For the month, black gold added 1.6%.
Gold prices suffered their largest one-day drop since July, as profit-taking took hold amid conflicting data and global anxieties. Gold for December delivery shed $51.50, or 1.8%, at $2,749.30 an ounce. Despite the sudden pullback, the safe-haven asset finished October up 3.4%.