Stocks closed lower Monday in a choppy session noticeably light on volume. A lack of economic news – and the fact that the bond market was closed in observance of Columbus Day and Indigenous Peoples Day – helped make for a quiet day of trading.
Still, heightened anxiety over central bank tightening, a rising dollar and a dour outlook for the automotive industry made further declines the path of least resistance for equities. Shares in General Motors (GM, -4.0%) and Ford Motor (F, -6.8%) sold off after Wall Street analysts predicted both carmakers would suffer steep earnings declines next year.
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The bottom line? U.S. stocks kicked off the week with a fourth straight day of losses. The blue-chip Dow Jones Industrial Average fell 0.3% to close at 29,202 while the broader S&P 500 slipped 0.8% to 3,612. The tech-heavy Nasdaq Composite lost -1.0% to settle at 10,542.
Other news in the stock market today:
- The small-cap Russell 2000 shed 0.6% to 1,691.
- U.S. crude futures declined 1.9% to $90.87 per barrel.
- Gold futures fell 2.0% to $1,675 an ounce.
- Bitcoin slipped 1.3% to $19,216. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.)
AI's Top Stock Picks
October is supposed to be the "bear market killer," but we've yet to see evidence of the 10th month coming to the rescue in 2022. An uncomfortably robust September jobs report did nothing to dissuade the Federal Reserve from sticking to its hawkish stance on inflation. And just when consumers were starting to see some relief from rising energy prices, OPEC and its allies decided to slash production of crude oil. Although the move creates opportunities for investors in some of the best oil stocks, it was decidedly bad news on both a personal finance and macroeconomic level.
With the market off to one of its worst starts in history, it's clear that do-it-yourself investors need all the help they can get. Happily, a stock-picking platform driven by artificial intelligence has been sharp in the past – and it's open to retail investors. Danelfin's AI system not only identifies stocks with the highest probability of beating the market over the next 30 to 90 trading days, it also selects for names with the lowest risk profiles. Read on to learn about the fintech's top stock picks for Q4.
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Dow Adds 238 Points as UNH, CAT Pop: Stock Market TodayThe lack of a September jobs report didn't seem to worry market participants, with the data delayed due to the ongoing government shutdown.
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Stocks at New Highs as Shutdown Drags On: Stock Market TodayThe Nasdaq Composite, S&P 500 and Dow Jones Industrial Average all notched new record closes Thursday as tech stocks gained.
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S&P 500 Sees New Highs on Shutdown Day: Stock Market TodayMost of its components were in the red, but the S&P 500 Index still managed to hit a new intraday all-time high.
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Stocks Close September on a High Note: Stock Market TodayA little bit of late risk-on behavior was enough to lift stocks into the green on the last day of September.
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If You'd Put $1,000 Into Bank of America Stock 20 Years Ago, Here's What You'd Have TodayBank of America stock has been a massive buy-and-hold bust.
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Investors Take Stock of Shutdown Talk: Stock Market TodayWhether we'll have a Jobs Friday this week depends on if we have a government shutdown in Washington.
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If You'd Put $1,000 Into Oracle Stock 20 Years Ago, Here's What You'd Have TodayORCL Oracle stock has been an outstanding buy-and-hold bet for decades.
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Dow Adds 300 Points, Ends Losing Streak: Stock Market TodayThe Dow, the S&P 500 and the Nasdaq head into the weekend on high notes after posting gains for the first time since Monday.
