Stock futures slightly lower with Dow on track for best month since 1976

Stock futures were slightly lower early Monday morning heading into the last day of October, with the Dow Jones Industrial Average poised for its best month in decades.

S&P 500 futures fell 0.12%, while Nasdaq 100 futures fell 0.2%. Dow futures fell 14 points, or less than 0.1%.

The Dow Jones is up 14.4% in October, which would be its best month since 1976. The S&P 500 and Nasdaq Composite are also up for the month, putting Wall Street on track to snap a streak of two months of defeats.

The gains came despite a mixed third-quarter earnings season for big companies, which showed slowing growth and some major disappointments from big tech companies.

Earnings season continues this week, with Uber, Pfizer and Advanced Micro Devices among the biggest names to report.

Traders will be gearing up for the Federal Reserve’s final meeting, which begins on Tuesday. The central bank is expected to raise rates again by three-quarters of a percentage on Wednesday, but many on Wall Street are waiting for a signal from Chairman Jerome Powell’s statement or press conference that the Fed may pause hikes in the near future.

“If J Powell gives the go-ahead next week and doesn’t deliver a Jackson Hole-type performance, there’s very little to stop this movement from a technical standpoint. A moving body stays moving,” wrote Matt Fleury of Goldman Sachs in a note Saturday.

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