The market pulled back, Monday afternoon, with just three out of 11 S&P 500 sectors in the green. Over the weekend, the world was affected by a major hurricane in the American south, ground raids in Lebanon, and yet another stimulus effort for Chinese stocks.
Within industries tracked by moomoo, Chinese stocks were again climbing at record paces after China's central bank on Sunday directed commercial banks to lower mortgage rates for existing home loans by at least 30 basis points before Oct. 31. Last week, the People's Bank of China lowered the reserve requirement ratio for banks and cut the interest rates.
Just past 2 pm ET the $S&P 500 Index (.SPX.US)$ traded down just 4 basis points, the $Dow Jones Industrial Average (.DJI.US)$ fell 32 basis points, and the $Nasdaq Composite Index (.IXIC.US)$ fell 2 basis points.
This week, investors can await nonfarm payrolls and the unemployment rate to check progress on the labor market. Last week, the PCE came in at 2.2%, the lowest year-over-year inflation number since 2021.
Monday afternoon, Federal Reserve Chair Jerome Powell spoke at the National Association of Business Economics.
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