New York, NY – The month of October has been anything but kind to the U.S. stock market, with major indexes experiencing a three-month losing streak. However, on the last day of the month, there was a glimmer of hope as the S&P 500 rose 0.65%, pulling itself out of correction territory. The Dow Jones Industrial Average climbed 0.38%, and the Nasdaq Composite saw a 0.48% increase. Despite this final surge, October proved to be challenging, marked by the 10-year Treasury yield breaching the 5% level for the first time in 16 years.

For the month, the S&P fell 2.2%, the Dow declined 1.4%, and the Nasdaq dropped 2.8%. This marks the first consecutive monthly decline for the S&P and Dow since March 2020. According to Bespoke Investment Group, this is the ninth time since 1928 that the S&P has fallen consecutively from August to October. However, historical data suggests there is a silver lining, as the S&P rallied 3.42% and 5.99% in the following November the last two times it experienced this decline.

Investors are now eagerly awaiting the Federal Reserve’s decision on interest rates, scheduled to be announced on Wednesday. While it is highly unlikely that rates will be raised, Chair Jerome Powell’s comments may still have a significant impact on the markets. Additionally, market watchers are paying close attention to the U.S. Treasury Department’s upcoming Treasury auction, which will determine the size and duration mix.

China also made headlines as it concluded a high-level financial meeting, signaling support for property developers and addressing local government debt problems. The twice-a-decade financial conference typically outlines long-term policies. In other news, U.S. President Joe Biden will meet with his Chinese counterpart, Xi Jinping, in the United States, as announced by the White House.

As the year comes to a close, semiconductor company AMD reported third-quarter earnings and revenue that exceeded expectations. However, their fourth-quarter sales forecast fell below analysts’ expectations. Despite this, AMD remains optimistic about its artificial intelligence chip business, forecasting better performance in 2024.

Despite the challenges faced over the past three months, investors are hopeful that the Federal Reserve’s decision and upcoming events may provide a much-needed boost to the stock market. Only time will tell if November will bring a turnaround and wash away the bitter taste of recent declines.