The Dow Jones Industrial Average fell 128.85 points, or 0.39%, to end at 32,732.95. The S&P 500 fell 0.75% to end at 3,871.98, while the Nasdaq Composite fell 1.03% to 10,988.15. The markets made a huge comeback in October. The Dow led those gains, rising 13.95% for the month. 30 stock ended its best month since 1976 as investors bet on more traditional companies like banks to lead the next bull. The S&P and Nasdaq gained about 8% and 3.9%, respectively, in October. “Equities are taking a breather after last week’s big run,” said Ryan Detrick, chief market strategist at The Carson Group. “Then, with the ever-important Fed meeting and rate decision on Wednesday, a pause makes even more sense.” Traders are gearing up this week for the Federal Reserve’s final meeting starting on Tuesday. The central bank is widely expected to raise interest rates by 75 basis points on Wednesday. Many on Wall Street are looking for a signal from the Federal Open Market Committee’s statement or Chairman Jerome Powell’s press conference that the Fed could halt its hikes or reduce their size in the near future. “Wednesday’s message will be critical to market expectations going forward,” said Quincy Krosby of LPL Financial. “With the question-and-answer segment for the presser, President Powell will have to fine-tune his answers as if he were walking a monetary tightrope.” Earnings season continues this week with reports from Uber, Pfizer and Advanced Micro Devices. Investors are also looking ahead to October jobs data due on Friday. Read today’s market coverage in Spanish here.
