Finance

Stocks are at their lowest level since July (SPY, SPX, DJI, IXIC)

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 24, 2016. REUTERS/Brendan McDermidThomson Reuters

Stocks were lower in trading on Tuesday, and the S&P 500 declined to its lowest level since July.

October was the worst month for the market since January, and the S&P 500 trimmed its year-to-date gain to 3% from about 6%. An uneven start to the third-quarter earnings season rocked the share prices of some big companies on the major indexes that reported last month.

Next Tuesday’s presidential election also looms, although many investors are not making big trading decisions ahead of the vote. The Mexican peso, which has been considered a proxy for election sentiment, fell after a new poll showed Donald Trump leading Hillary Clinton by one point.

At 2:23 p.m. ET, the Dow is down 187 points (1.03%), the S&P 500 is down 26 points (1.25%), and the Nasdaq 100 is down 70 points (1.37%).Screen Shot 2016 11 01 at 2.24.51 PMMarkets Insider

The economic data released earlier on Tuesday was mixed. The ISM’s manufacturing purchasing manager’s index came in at 51.9 for October, beating expectations. However, construction spending unexpectedly fell, by 0.4%.

The Federal Reserve is meeting in Washington on Tuesday and Wednesday. Wall Street is looking forward to a statement on Wednesday that confirms the Fed is likely to raise interest rates at its December meeting.

Fed fund futures reflected a 69% chance that the Fed would raise its benchmark rate next month, and a 19% probability for a move this week.

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