U.S. stocks slipped Monday ahead of the Federal Reserve’s interest rate meeting later this week.
The Dow Jones Industrial Average fell 127.40 points, or 0.39%, to close at 32,734.40. The S&P 500 dropped 28.81 points, or 0.74%, to 3,872.25, and the Nasdaq Composite fell 114.51 points, or 1.03%, to 10,998.15.
Despite the modest decline Monday, stocks rose broadly in October.
The Dow surged 14% in October, its largest monthly gain since 1976. The S&P rose 8% and the Nasdaq rose 4% in October. The Nasdaq’s gains were weighed down by disappointing earnings reports from Meta Platforms (META), Amazon (AMZN) and other technology companies that missed analysts’ expectations for the third quarter.
The Federal Reserve committee that decides interest rates meets Wednesday and is expected to increase rates 0.75% for the fourth consecutive time to battle inflation. If it does increase rates, it would be the seventh hike of the year.
Some of the tech stocks that declined included Apple (AAPL), which closed at $153.34, down $2.40, or 1.14%. Alphabet’s (GOOG) price of shares fell $1.92, or 1.99%, to close at $94.66
“Stocks are taking a breather after the big run last week,” Ryan Detrick, chief market strategist at the Carson Group, told CNBC. “Then, considering the always important Fed meeting and interest rate decision on Wednesday, a pause makes even more sense.”