US open: Stocks trade lower early on Monday

dl exchange place wall st street pl new york city nyc ny nyse stock exchange dow jones sp nasdaq finance dollar dollars us usa united states of america — Exchange PlaceSharecast photo / Josh White

Wall Street stocks were in the red early on the final day of trading for October.

As of 1515 GMT, the Dow Jones Industrial Average was down 0.20% at 32,794.77, while the S&P 500 lost 0.53% to 3,880.39 and the Nasdaq Composite came out the gate 1.09% weaker at 10,981.59.

The Dow opened 67.03 points lower on Monday, taking a bite out of gains recorded in the previous session.

Despite the early loss, the blue-chip index was firmly on course for its best month in over 40 years amid mixed third-quarter earnings season.

In terms of Monday's earnings, Loews reported a drop in third-quarter profits from $220.0m to $130.0m despite a 2.7% rise in revenues to $3.46bn, while Goodyear Tire & Rubber will update on trading after the close.

Earnings will continue to be in focus over the next five days, with Uber, Pfizer, and AMD all set to report throughout the course of the week.

On the macro front, the Chicago purchasing managers' index dropped to 45.20 in October, according to the Institute for Supply Management, down from 45.70 points in September and the lowest reading seen since June 2020. Economists had pencilled-in a reading of 47.

Elsewhere, the Dallas Federal Reserve's manufacturing index fell from 17.2 in September to 19.4 in October, with the production index edging down three points to 6.0 and the new orders index slipping to -8.8, its fifth month in a row in negative territory.

Market participants will hold out for the latest Federal Reserve meeting, set to kick off on Tuesday, with the central bank widely expected to hike rates by three-quarters of a percentage yet again. Traders will also look for any signs that the Fed may halt its interest rate rises in the near future.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Chevron Corp. (CVX) $183.41 1.91%
Goldman Sachs Group Inc. (GS) $345.04 0.94%
Travelers Company Inc. (TRV) $183.50 0.84%
Unitedhealth Group Inc. (UNH) $554.11 0.52%
JP Morgan Chase & Co. (JPM) $126.68 0.48%
Dow Chemical Co. (DOW) $47.49 0.02%
Dowdupont Inc. (DWDP) $0.00 0.00%
Honeywell International Inc. (HON) $0.00 0.00%
Walgreens Boots Alliance, Inc. (WBA) $36.56 -0.04%
Walmart Inc. (WMT) $142.26 -0.18%