Stocks open lower as S&P 500 pulls back from 6-week high; Dow heads for best October ever

U.S. stocks opened lower on Monday with the S&P 500 pulling back from Friday’s six-week high as investors wait for the Federal Reserve to deliver another jumbo interest-rate hike later this week. The S&P 500 SPX, -0.74% fell 25 points, or 0.7%, to 3,875. The Dow Jones Industrial Average DJIA, -0.55% shed 199 points, or 0.6%, to 32,662.

The Nasdaq Composite COMP, -1.08% fell 69 points, or 0.6%, to 11,033. All three major indexes have had a stellar October even as the Nasdaq has lagged. The Dow, which finished Friday’s session at its highest closing level in two months, leaving it on track to log its best monthly performance since the 1970s, and its best October gain since its creation.

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