U.S. stocks traded lower in October, as the Nasdaq Composite ($NASX) and S&P 500 Index ($SPX) respectively fell 2.8% and 2.2% - extending their losing streaks to three months. While September held on to its reputation as the worst month for stocks, October also stuck close to the historical script, and we saw some heightened volatility.
While the Q3 earnings season has been a mixed bag so far, the rising geopolitical tensions in the Middle East pressured stocks in October. Also, the yield on the 10-year Treasury note hit 5% during the month for the first time since 2007, which took a toll on stocks – especially growth names.
