What happened this week

Stocks opened lower on Monday as the final trading day of October kicked off but despite this markets are expected to end a two month down streak. Markets made a huge comeback in October. The Dow lead gains and was last up 14% for the month. The Dow is on pace for its best month since 1976 as investors bet on more traditional companies, like banks, to lead the next rally. Traders are preparing this week for the latest Federal Reserve meeting beginning Tuesday. The central bank is expected to raise interest rates by 75 basis points on Wednesday. Many investors are hopeful for a signal from the Federal Open Market Committee’s statement or Chairman Jerome Powell’s press conference, that the Fed could pause rates hikes or at least reduce their size in the near future.

As we approach year end, one supply chain logistics expert is warning that more importers and retailers are signaling a shipping "decline coming about" and carrying into the new year. Supply chain woes have fueled inflation and as the holiday season approaches the usual spike in retail spending may be affected.

Looking ahead this week:

Tues Nov 1st: US S&P Manufacturing PMI

Wed Nov 2nd: ADP Employment Report

FOMC Announcement

Fed Chairman Press Conference

Thurs Nov 3rd: Foreign Trade Deficit

US Services PMI

Initial Jobless Claims

Fri Nov 4th: Unemployment Rate

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