Despite Monday's losses, the major indexes locked in gains for October, which traders spent weighing whether the end is in sight for the Fed's most aggressive rate moves.
In October, traders were encouraged when some Fed officials said they are considering whether to slow the pace of monetary tightening as they balance controlling inflation and avoiding a sharp economic contraction. That pattern suggests some investors were thinking wishfully when bidding up stock prices in October, said Chris Senyek, chief investment strategist at Wolfe Research. "I think it was largely a hope trade," he said. "I don't think it was built upon fundamentals."
Last week, Mansfield Energy raised a red flag on the upcoming diesel fuel shortage in the southeastern region of the U.S., speculating it could be from "poor pipeline shipping economies" and a historically low supply of reserves.
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