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Real-time Updates on Today’s Stock Market

Real-time Updates on Today’s Stock Market

Stocks experienced a decline on Tuesday, as selling pressure in September took hold of Wall Street following the previous session’s gains. The Dow Jones Industrial Average dropped by 191 points, or 0.5%, while the S&P 500 dipped 0.7% and the Nasdaq Composite pulled back 0.8%. JPMorgan Chase CEO Jamie Dimon’s warning that interest rates may need to rise further to combat inflation added to the bearish sentiment. Bank stocks also fell, with the SPDR S&P Regional Banking ETF declining 0.7%, Wells Fargo shares dropping over 1%, and Morgan Stanley falling nearly 1%.

These moves contribute to the market’s losses for the month, with the Nasdaq Composite down 5.4%, the S&P 500 down 3.8%, and the Dow down 2.1% in September. The Federal Reserve’s announcement that it anticipates fewer rate cuts next year and the benchmark 10-year Treasury yield reaching levels not seen since 2007 also influenced the downward trend. Additionally, investors are grappling with negotiations in Washington as lawmakers aim to avoid a government shutdown that may occur as early as October 1 if a spending bill agreement isn’t reached.

Despite the market tumult, the upcoming month of October could present buying opportunities for investors. Known as the “jinx month” due to historical crashes, it also has a reputation as a “bear killer.” This is because it serves as a prelude to the seasonally strong periods of November and December. According to Mary Ann Bartels, the chief investment strategist at Sanctuary Wealth, October tends to be volatile but often provides favorable buying opportunities. Wall Street managed to end the day on a positive note, with the major averages snapping four-day losing streaks.

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