U.S. Stocks on Track for the Worst Month Since the Financial Crisis
Following a highly volatile day of trading, the S&P 500 finished down 0.85% on Monday, bringing the total monthly losses to 9.1%. This puts the index on track for its worst month since February 2009, at the height of the Financial Crisis.
Today’s losses came after a midday statement from the White House, indicating that the tariffs on the remaining $257 billion in Chinese goods are still on the table if Trump-Xi talks fall through.
After being up 352 points, the Dow Jones Industrial Average fell 245 points, or 0.99%, to 24,442. Meanwhile, the tech-heavy Nasdaq lost 1.63%.
In addition to concerns over the Trump’s trade war, analysts cite the Federal Reserve’s increasingly hawkish tightening schedule as a point of concern for investors, leading to a more risk-off management approach moving through earnings season. However, some believe that a return in corporate buybacks could help rejuvenate the lagging market.
As October comes to a close, the S&P 500 has sunk into negative territory on the year.