FM:CC - Equities Try to Escape Correction Country
The S&P 500 tried to climb out of correction territory Monday as traders braced for a big week filled with a Federal Reserve rate decision, jobs report and Apple's earnings report.
The Dow Jones Industrials grabbed 360.76 points, or 1.1%, to pause for lunch Monday at 32,778.33.
The S&P 500 index hiked 32.41 points to 4,149.74.
The NASDAQ 115.45 points to 12,758.46.
Communication services stocks outperformed, with the S&P 500 sector last up by 2%. Mega-cap tech stock stocks Alphabet and Meta Platforms were up by more than 2%, each.
Those moves come after the S&P 500 fell into correction territory last week. The broader index shed 2.5% for the week to put it down by more than 10% from its 2023 closing high. It's off 3.2% for October, on pace for its third-straight negative month which would be its first such streak since 2020 as the pandemic struck.
Apple will report earnings Thursday after the bell. The S&P 500's largest member is in a correction itself, down 15% from its 52-week high.
The Federal Reserve decision looms Wednesday, when the central bank is widely expected to hold its benchmark interest rate at the same level. With surging interest rates as the main culprit of this stock market correction, investors will be hoping the Fed signals it could be done raising rates. Traders expect the Fed to be done raising rates at least for 2023.
Prices for the 10-year Treasury faded, raising yields to 4.89% from Friday's 4.84%. Treasury prices and yields move in opposite directions.
Oil prices collapsed $2.99 to $82.55 U.S. a barrel.
Gold prices leaped $10.50 to $2,009.