Stock futures slipped slightly early Monday morning before the last day of October, as the Dow Jones Industrial Average prepares to wrap up its best month in decades.
S&P 500 futures were down 0.12%, while Nasdaq 100 futures were down 0.2%. Dow futures fell 14 points, or less than 0.1%.
The Dow rose 14.4% in October, which would be its best month since 1976. The S&P 500 and Nasdaq Composite also rose for the month, putting Wall Street on track for a two-month losing streak.
The gains came despite a mixed third-quarter earnings season from major companies, which showed slower growth and some major disappointments from big tech companies.
Earnings season continues this week, with Uber, Pfizer and Advanced Micro Devices among the biggest names being reported.
Traders will be preparing for the Federal Reserve’s latest meeting, which begins on Tuesday. The central bank is expected to raise interest rates by three-quarters again on Wednesday, but many on Wall Street are looking for a signal from Chairman Jerome Powell’s statement or press conference that the Fed may halt its gains in the near future.
Goldman Sachs’ Matt Florey wrote, “If J Powell gives the go-ahead next week and doesn’t give a Jackson Hole performance, there isn’t much to stop this movement from a technical point of view. The moving body remains in motion.” Saturday note.
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