As traders prepare to end a gloomy month that saw Treasury rates spike to multiyear highs, stock futures saw little movement on Tuesday.
Futures for the Dow Jones Industrial Average saw minimal movement. Futures on the Nasdaq 100 were unchanged and those on the S&P 500 increased by 0.1%.
Caterpillar reported third-quarter profits that surpassed projections on Tuesday, capping out the earnings season. Caterpillar, however, alarmed investors by announcing that its fourth-quarter revenue would only be “slightly” higher than it was in the same time last year, potentially falling short of analysts’ predictions. In premarket trade, shares fell by more than 4%.
These actions follow the S&P 500’s breakout into correction zone on Monday, which marked the index’s highest day since late August. In its biggest day since early June, the Dow increased by nearly 1.6%, while the Nasdaq Composite gained around 1.2%.
The major averages continue to be on track to finish the month in the negative. October marks the third consecutive negative month for the Dow and the S&P 500, which are down 1.7% and 2.8%, respectively. Both indices have now seen a three-month losing run for the first time since March 2020. With over 3% of the market down thus far, the tech-heavy Nasdaq is headed for its third straight down month.
Source (CNBC)
