US indices edge lower with Fed's meeting in focus; TSP, GPN decline

Image Source: © Marekskies | Megapixl.com

Wall Street indices started the week on a low note on Monday, October 31, after two consecutive weeks of strong gains for the Nasdaq and S&P 500, as investors walked cautiously ahead of Fed's rate decision this week.

The S&P 500 fell 0.75 per cent to 3,871.98. The Dow Jones was down 0.39 per cent to 32,732.95. The NASDAQ Composite lost 1.03 per cent to 10,988.15, and the small-cap Russell 2000 remained flat at 1,846.86.

The investors are keeping close track of the Fed's two-day meeting that would continue through November 2. The policymakers are expected to announce another jumbo hike at the close of their gathering this week on Wednesday.

While anticipation over easing of the aggressive stance by the central bank buoyed gains in the market in recent weeks, the market participants are expecting another 75 bps point hike at the conclusion of this November's meeting.

The information technology and communication services sectors were the bottom movers in the S&P 500 index on Monday. 10 of the 11 segments of the index stayed in the negative territory, with the only energy sector as the gainer.

Shares of TuSimple Holdings Inc. (NASDAQ: TSP) plummeted over 45 per cent in the intraday session on Monday, after the autonomous driving technology firm announced the termination of its President and Chief Executive Officer (CEO) Xiaodi Hou, effective October 30.

Global Payments Inc. (NYSE: GPN) lost over eight per cent in the intraday trading on October 31, after the financial technology firm reported its Q3 FY22 earnings results while providing annual guidance that may have come below the market expectations.

In the technology sector, Apple Inc. (AAPL) fell 1.54 per cent, Microsoft Corporation (MSFT) lost 1.59 per cent, and NVIDIA Corporation (NVDA) plunged 2.44 per cent. ASML Holding N.V. (ASML) and Accenture plc (ACN) ticked down 3.43 per cent and 1.36 per cent, respectively.

In communication stocks, Alphabet Inc. (GOOG) decreased by 1.99 per cent, Meta Platforms, Inc. (META) declined by 6.09 per cent, and AT&T Inc. (T) slumped by 1.24 per cent. Netflix, Inc. (NFLX) and RELX PLC (RELX) plummeted 1.30 per cent and 1.17 per cent, respectively.

Futures & Commodities

Gold futures were down 0.53 per cent to US$1,636.05 per ounce. Silver decreased by 0.20 per cent to US$19.108 per ounce, while copper fell 1.49 per cent to US$3.3780.

Brent oil futures decreased by 1.25 per cent to US$92.60 per barrel and WTI crude was down 1.90 per cent to US$86.23.

Bond Market

The 30-year Treasury bond yields were up 0.77 per cent to 4.161, while the 10-year bond yields rose 1.15 per cent to 4.056.

US Dollar Futures Index increased by 0.76 per cent to US$111.448.



 


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