Stocks tumbled on Tuesday as a new month of trading commenced, as traders assessed better-than-expected economic data and its potential on Federal Reserve policy going forward.
The Dow Jones Industrials tumbled 153.53 points to 32,579.42.
The S&P 500 sagged 17.74 points to 3,854.24.
The NASDAQ faded 65.01 points to 10.923.13.
All the major averages opened higher but turned negative after job openings data for September showed a resilient labour market
Losses were mitigated Tuesday as a better-than-feared earnings season continued with a strong report from Pfizer. Uber shares popped on a revenue beat.
Some traders pointed to optimism from unconfirmed reports that China may pivot from its zero-COVID policy as a source for Tuesday's early gains.
Tuesday also marks the start of the Fed's November meeting, which many expect will result in a 75-basis-point interest rate hike. Investors will also monitor the central bank's statement and Fed Chair Jerome Powell's press conference for signs of a slowing tightening pace.
Wall Street is coming off a strong month of gains. The Dow rallied nearly 14% in October, its biggest monthly advance since January 1976 as investors rotated out of technology and into stalwarts like banks. The S&P 500 advanced 8% while the NASDAQ took on 3.9%.
Treasury prices inched backward, raising yields to Monday's 4.05%. Treasury prices and yields move in opposite directions.
Oil prices added $1.70 to $88.23 U.S. a barrel.
Gold prices remained buoyant $6.50 to $1,648.30 U.S. an ounce.