Dow gives up earlier gain and slides Tuesday as November trading kicks off

Metals and oil were gaining as investors watched for a less hawkish stance on inflation with the November Fed meeting kicking off Tuesday.

Spot gold was up 1.2%, with gold futures adding 1%. Palladium, silver and platinum jumped 5.5%, 3.9% and 2.3%, respectively.

Oil was also trading up. U.S. West Texas International and Brent Crude added 3.2% and 2.8%, respectively.

— Alex Harring

Inflation savings bonds, also known as Series I bonds, will pay 6.89% between Nov. 1 and April 30, the Treasury Department said Tuesday. That’s down from the prior rate of 9.62% that ran from May through October.

It’s the third highest rate since I bonds were introduced in 1998.

Purchases of the bonds, available through TreasuryDirect, are capped at a maximum $10,000 per person each year, and they must be held for at least one year. After that, the last three months’ interest is sacrificed if the bonds are sold back to the Treasury before five years.

— Scott Schnipper, Kate Dore

Job openings rebounded sharply in September, indicating that the labor market is still tight.

The number of employment vacancies totaled 10.72 million for the month, well above the 9.85 million FactSet estimate, according to data Tuesday from the Bureau of Labor Statistics. The total was about half a million above the August level.

In other economic data, the ISM Manufacturing index posted a 50.2 reading for October, above the Dow Jones estimate for 50. The index gauges the percentage of business reporting expansion vs. contraction for the month.

—Jeff Cox

The seasonally adjusted S&P Global Manufacturing PMI came in at 50.4 for October, down from September’s 52 but slightly above the 49.9 expected by Wall Street.

U.S. manufacturers signaled a slight improvement in operating conditions thanks to the easing of supply chain disruptions, but weak demand conditions weighed on growth. New orders fell at the sharpest rate since May 2020.

“Alongside muted domestic demand, new export orders fell sharply as dollar strength and challenging economic conditions across key export markets dampened foreign demand,” S&P Global said in a release.

— Michelle Fox

Stocks opened higher on Tuesday as a new trading month began.

The Dow Jones Industrial Average jumped 212 points, or 0.65%. The S&P 500 and Nasdaq Composite rose 0.8% and 1.2%, respectively.

— Samantha Subin

The new month of trading kicks off Tuesday and if history is any guide, expect solid gains.

“November has historically been one of the strongest months of the year for U.S. stocks,” wrote B. Riley Financial’s Art Hogan in a note to clients Tuesday. “The S&P 500 has experienced an average gain of 0.82% with positive returns 69% of the time, according to data going back to 1983.”

Over the last decade, the S&P has posted a median gain of 1.26% in November and a positive month nine times, Hogan said.

October, he noted,…