U.S. stocks were broadly lower after midday Monday in cautious trade as investors continued to react to recently released earnings updates and await the Federal Reserve’s policy announcement due later this week.
All major averages are in negative territory, with the Dow slightly outperforming the Nasdaq and the S&P 500.
The Dow, which briefly entered positive territory after falling to 32,586.93, recently fell 149.71 points, or 0.45 percent, to 32,712.09. The S&P 500 fell 31.74 points, or 0.81 percent, to 3,869.32, while the Nasdaq dropped 124.76 points, or 1.12 percent, to 10,977.69.
Investors are taking cautious steps as they wait for the Federal Reserve to change interest rates. The Fed, which meets on Tuesday and Wednesday, is expected to raise interest rates by another 75 basis points – the fourth rate hike in a row – to combat soaring inflation.
Among the famous losers of the session – Apple Inc. ( AAPL ), which fell on reports that the company’s iPhone production could drop by about 30 percent next month. The outbreak of Covid-19 curbs in China is cited as the reason for the likely drop in production.
Amazon Inc ( AMZN ), Microsoft Corp ( MSFT ) and Alphabet Inc . (GOOGL.TO) fell 1-1.6 percent. Shares of Meta Platforms Inc ( META ) fell nearly 5 percent.
Intel ( INTC ) fell more than 3 percent. Amgen ( AMGN ), Caterpillar ( CAT ), and Coca-Cola ( KO ) are also notably lower.
Travel companies grow by more than 1 percent. United Health, Goldman Sachs (GS), Merck & Co (MRK) and Chevron (CVX) are modestly higher.
The Institute for Supply Management (ISM) report shows that the US Chicago PMI fell to 45.20 in October from 45.70 in September 2022. The indicator became the lowest since June 2020.
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