S&P 500 Index (SPX) - Daily Chart - October 1-30, 2023 (Source: Tradingview)

October 2

The market exits a seemingly unsatisfactory September and opens up a new month and quarter in red territory. The Nasdaq managed to notch a gain of 0.83% but the S&P remained flat rising 0.01% while the Dow sustained a 74-point loss. The extension of the government shutdown deadline may have brought some relief to overnight markets, but the persistent increase in interest rates swiftly eroded that comfort and substituted it with apprehension.

October 3

With bond yields hitting 2007 highs, stocks were brought down sharply this trading session. Following a trend of red, the Dow lost 430 points, the S&P fell 1.37%, and the Nasdaq ended the day 1.83% lower. Along with rising yields, the toll of high interest rates was seen in major indices whose equities suffered a major percentage drop.

October 4

Stocks staged an impressive rally that clipped near highs by the close of the trading session. Dow stocks rose by a 127-point margin, the S&P went up by 0.81%, and the Nasdaq gained 1.45% for the day. Bond yields started to ease after softer jobs print revealing ADP private payrolls growing far less than expected during the previous month.

October 5

Stocks struggle to stay afloat while riding on a rough atmosphere of tension spurred by an upcoming vital jobs report. Dow stocks declined by 10 points the S&P went down 0.13%, and the Nasdaq moved a little more albeit not much ending down 0.36% for the day. An upcoming Goldilocks situation is hoped for regarding jobs data with market bulls wanting the report to be mild enough to avoid more interest rates without showing signs of a recession.

October 6

In spite of a hot jobs report, a rally was staged on Wall Street with the S&P narrowly avoiding a week’s losing streak. The Dow went up by 288 points, the S&P rose by a 1.18% margin, and the Nasdaq ended 1.70% off of the open. The jobs data came in higher than estimated, nearly double, with growth being especially strong in understaffed areas.

October 9

The markets were led higher by a midday reversal with the Dow up 197 points, the S&P up 0.63%, and the Nasdaq which finished 0.49% higher. Global markets were irritated by the conflict in the Middle East between Israel and Palestine. Due to the war precious metals and defensive stocks soared to highs with oil prices also moving higher.

October 10

The market rally carries on for a 3rd day with bond yields, oil, and the USD easing back and allowing breathing room for the indexes. The Dow rose another 134 points with the S&P and Nasdaq rising respectively by 0.52% and 0.56%.The market rebounded thanks to a blend of oversold bonds and stocks, coupled with a message from the Federal Reserve expressing their readiness to exercise caution in regard to interest rate hikes.

October 11

Stocks came quite close to highs this trading session, securing a 4-day winning streak on Wall Street. The Dow went up by a 65-point margin, the S&P climbed up 0.43%, and the Nasdaq won 0.72% for the day. The market shrugged off a hot read on wholesale inflation with September producer prices being a bit higher than expected too.

October 12

With another dose of slightly hotter-than-expected inflation data, Wall Street finally broke away from its winning streak. The Dow fell down by 173 points, the S&P lost 0.62%, and the Nasdaq ended the day 0.37% lower. The CPI report came hot from a headline perspective but Core CPI (exempting food and energy), seemed to fall in line.

October 13

An early rally after the previous day’s losses quickly fell out of favor but not before the Dow and S&P eked out weekly gains. The Dow went up 39 points to end higher this week, and the S&P also ended higher despite losing 0.50% today, but the Nasdaq lost 1.24% and ended the week red. Earnings season started with the banks where JPMorgan boasted to have beaten both profit and revenue despite tensions boiling over in the Middle East.

October 16

A powerful rally kicked off the week on Wall Street with the Dow up 314 points, the S&P up 1.06%, and the Nasdaq climbing 1.18% for the day. The markets were finally able to shrug off rising rates which was a good sign as well as a motivator for the rally. Both cyclical stocks (industrials, metals, mining) as well as consumer discretionary stocks did well for the day.

October 17

The market was quite choppy today in light of rising bond yields and new earnings data which consumers went through this trading session. The major averages ended primarily flat with the Dow only rising 13 points and the S&P losing 0.01% though the Nasdaq did sustain a slightly deeper 0.33% decline. A hotter-than-expected retail sales report helped send the 10-year treasury bond yields back up to highs for the day.

October 18

With bond yields once again rising to compete and beat yearly highs, stocks lost steam and fell into a slump. The Dow declined by a 332-point margin while both the S&P (-1.34%) and Nasdaq (-1.41%) sustained moderate losses. With bond yields once again breaking past highs, mega-cap tech stocks as well as transportation and logistics stocks fell short.

October 19

While the 10-year treasury bond yields near 5% levels, rising interest rates take the spotlight for this trading day. The Dow lost 250 points, the S&P fell 0.85% lower, and the Nasdaq also ended the day 0.85% lower. Federal Reserve Chair J. Powell stated the need for a further softening in the labor market which may be seen as pointing to future rate hikes.

October 20

As investors fret about global turmoil, the market marched down toward a 5-month low with yet another day in the red. The Dow fell another 286 points, the S&P went down by 1.26%, and the Nasdaq lost 1.50%. Concern has arisen regarding the market’s ability to take in the sudden rise of bond yields with turmoil in the Middle East only serving as an additional stressor to investors.

October 23

Wall Street kicked up yet another week with early gains that eventually faded away as the major averages neared the close. The Dow lost 190 points and the S&P declined by 0.17% but the Nasdaq closed the session up 0.30%. As bond yields once again eased up equities got some breathing room that didn’t last as investors wait for mega-cap earnings.

October 24

Stocks drifted higher this Tuesday with stabilizing bond yields allotting some breathing room for the markets. The Dow rose by a 204-point margin, the S&P went up 0.73%, and the Nasdaq rose by 0.97%. Swings in government bond yields brought uncertainty about whether the Federal Reserve will push for more rate hikes in the future.

October 25

Stocks changed direction and headed south with the major averages ending relatively close to session lows. The Dow drifted 105 points lower, the S&P lost 1.43%, and the Nasdaq was sacked hard with a 2.43% deficit. The treasury yield comes shy of 5% again with hotter-than-expected housing data coming into light.

October 26

Stocks were once again plunged in red with the Dow down 251 points, the S&P falling by 1.18%, and the Nasdaq ending 1.89% lower. Nasdaq once again sustained sizeable losses due to its being weighed down by a failing tech sector. Economic data lifted futures off the ground with third-quarter GDP growth coming to light stronger than expected.

October 27

Despite decent economic reads and reports, the week ended with the major averages slipping into 5-month lows. The Dow slipped yet again, this time losing 366 points along with the S&P which drifted 0.48% lower while the Nasdaq managed to eke out a 0.50% gain for the day. Worry regarding economic slowdown in the shadow of rising bond yields accompanied by anxiety over military movement in the Middle East set a tone in the market which caused investors to shy away from risk.

October 30

The S&P 500 attempted to recover from correction territory as traders prepared for a significant week, featuring the Federal Reserve's rate decision, a jobs report, and Apple's earnings report. The S&P 500 rose by 0.7%, the Nasdaq Composite increased by 0.8%, and the Dow Jones Industrial Average gained approximately 1%. Communication services stocks, including mega-cap tech stocks Alphabet and Meta Platforms, performed well, with the S&P 500 communication services sector rising by 2%.