Summary: US stocks ended September with their biggest monthly decline since last December 2022, with the S&P 500 and Dow dropping by 4.8% and 3.4%, respectively, while the technology-heavy Nasdaq lagged by losing 5.8%.   The expectation of "higher for longer" interest rates put pressure on markets. With a hawkish hold in September's FOMC meeting and hawkish commentary from several Fed policymakers, investors are worried that a pivot toward lower rates will not happen any time soon. The US long-term interest rates surged due to the uncertainty in the macro landscape.