⚠️BREAKING: *U.S. STOCKS OPEN LOWER AS INVESTORS AWAIT FED SIGNAL - 🇺🇸 🇺🇸
Among sectors, information technology and communication services were the lead decliners, falling 1.6% and 1.9% respectively.
Hopes for a less hawkish Fed as well as better-than-expected earnings from companies outside the technology sector had led to theBoth the indexes are also set to record gains in October after two straight months of declines. The Dow Jones, meanwhile, could see its biggest monthly rise in over four decades depending on the day's moves.
"You have a convergence of the labor market and the Fed together, and so it should make it a very questionable market week in terms of the direction," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. "We'll be hearing from Fed Chair Powell on Wednesday and his words probably mean more than his actions. If his tone, if his language begins to moderate somewhat, that will continue to be positive for stocks." Traders are nearly equally split in their expectations of the Fed delivering a smaller interest rate hike at its next policy meeting, with odds of a 50 basis point rate hike in December standing at 47.
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