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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S&P 500 Slips Ahead of Fed Week: Stock Market TodayAll eyes are on the Federal Reserve ahead of next week's critical policy meeting.
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Dow Gains 617 Points as Rate Cuts Near: Stock Market TodayWednesday's economic data didn't shift Wall Street's expectations that the Fed is preparing for a rate cut at next week's meeting.
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S&P 500 Hits New High After Oracle Earnings: Stock Market TodayAnother down day for Apple held the Dow Jones Industrial Average back, though.
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Stocks Grind Up to New All-Time Highs: Stock Market TodayUnitedHealth stock led the Dow Jones Industrial Average amid increasing signs the labor market has not been well for months.
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Markets Prepare for August Inflation Data: Stock Market TodayApple CEO Tim Cook is still important, but price action this week is as much about incoming inflation data ahead of next week's Fed meeting.
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Stocks Slip as Job Growth Stalls: Stock Market TodayThe August jobs report came in much weaker than expected, while the unemployment rate ticked higher.
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S&P 500 Hits New High on Jobs Friday Eve: Stock Market TodayThe S&P 500 hit a new all-time closing high and most of the stocks in the Dow Jones Industrial Average were up the day before a critical jobs report.
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Big Tech Names Rise Above Broad Weakness: Stock Market TodaySome familiar names enjoyed solid rallies on the resolution of outstanding questions, but macro uncertainty hangs over the broader market.
