Markets locked in big gains for October, ending the month on a strong note despite lingering recession fears. Stocks slipped on Monday, with the Dow Jones Industrial Average shedding 128.85 points, or 0.39%. Still, the major averages snapped a two-month losing streak and the Dow clinched its best month since 1976. Financial and industrial stocks were among October’s best-performing S&P 500 sectors, gaining 11.8% and 13.9%, respectively. Energy soared 24.8%. While old-economy stocks persevered, technology names took a heavy beating in October. Shares of Meta Platforms and Amazon finished the month roughly 31% and 9% lower, respectively, after the tech giants reported disappointing earnings results and showed signs of slowing growth. |
“This earnings season underscored the fact that these industrial blue chip, boring names have to be owned and that's evident in the dispersion between the October Dow Jones performance and the Nasdaq performance,” said KKM Financial's Jeff Kilburg. “That being said, I think there is some value in growth because it is oversold, and you have seen tech investors quit." Some of those opportunities include biotechnology stocks and oversold semiconductor names, he said. |
