Earnings, Numbers, Election, Fed just more bricks in the wall

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Our View

Let’s get down to the nitty-gritty. Thursday’s declines sent the S&P 500 to its first monthly loss in five months. The index fell 1.9% Thursday, breaking a 29-day streak without a 1%+ daily loss—the longest in three years. October’s close left the S&P down 1% for the month, while the Nasdaq had its worst day in two months, falling 2.8% and down 0.50% overall in October. NVDA dropped 4.8%, and the VIX hit 23.52—its third largest October spike during an election year. Traders are now betting that the Fed could raise rates by a quarter-point at next week’s meeting. Clearly, volatility is on the rise.