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Dow jumps more than 300 points to kick off October as it attempts rebound from


U.S. futures point to mixed open to kick off October

The Dow Jones Industrial Average moved higher Monday as Wall Street tried to start the new month, and quarter, on a solid note.

The blue chip stock index jumped 351 points higher, or 1.2%. The S&P 500 rose 1% after falling Friday to its lowest level since November 2020. The Nasdaq Composite gained 0.7%.

Those moves came as the yield on the 10-year U.S. Treasury note rolled over, after topping 4% at one point last week and ending the week higher, as stocks tumbled.

“It’s pretty simple at this point, 10-year Treasury yield goes up, and equities likely remain under pressure,” Raymond James’ Tavis McCourt said. “It comes down, and equities rally.”

Wall Street is coming off a tough month, with the Dow and S&P 500 notching their biggest monthly losses since March 2020. The Dow on Friday also closed below below 29,000 for the first time since November 2020.

The Dow shed 8.8% in September, while the S&P 500 and Nasdaq Composite lost 9.3% and 10.5%, respectively.

For the quarter, the Dow fell 6.66% to notch a three-quarter losing streak for the first time since the third quarter of 2015. Both the S&P and Nasdaq Composite fell 5.28% and 4.11%, respectively, to finish their third consecutive negative quarter for the first time since 2009.

As the new quarter kicks off, all S&P 500 sectors sit at least 10% off their 52-week highs. Nine sectors finished the quarter in negative territory.

In the fourth quarter, elevated inflation and a Federal Reserve intent on bringing surging prices to a halt regardless of what it means for the economy will likely continue to weigh on markets, said Truist’s Keith Lerner. Oversold conditions, however, also make the market vulnerable to a sharp short-term bounce on good news, he added.

“I think we could be set up for some type of reprieve but the underlying trend at this point is still a downward trend and choppy waters to continue,” Lerner said.

On the economic front, Markit PMI and ISM manufacturing data are slated for release on Monday along with construction spending.



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