US stocks ended September with their biggest monthly decline since December 2022, with the S&P 500 and Dow dropping by 4.8% and 3.4%, respectively, while the technology-heavy Nasdaq lost 5.8%. The expectation of “higher for longer” interest rates put pressure on markets. With hawkish commentary from several Fed policymakers, investors are worried that a pivot toward lower rates will not happen any time soon.

US stocks ended up lower once again in October, with the S&P 500 and Dow dropping by 2.1% and 1.3%, respectively, while the technology-heavy Nasdaq lagged, losing 2.8%.