Here are the most important news items that investors need to start their trading day:
1. Scary October
A late rally didn't jolt markets enough. The Dow and the S&P 500 declined 1.4% and 2.2%, respectively, for October, marking the first three-month losing streak for both indexes since March 2020. The tech-heavy Nasdaq, meanwhile, fell 2.8% for October, also notching its third consecutive negative month. But maybe there's some hope for investors. November has historically been a strong month for markets. Seasonal tailwinds could lead to a rally at the end of the year, but, then again, it might depend on how bond yields fare between now and then — and on today's Fed rate decision. Follow live market updates.
2. Double whammy
Normally, the markets don't care much about the Treasury Department's routine practice of auctioning off debt. But these aren't normal times in the markets. Bond and stock markets have been volatile amid fears of oversupply at a time when the Federal Reserve is keeping monetary policy tight. As debt, deficits and bond yields have surged, investors are more interested than usual in how the government will go to market with its borrowing needs. That means Wednesday will be a double whammy, with the Treasury Department making its refunding announcement at 8:30 a.m. ET, and the Fed following up with its decision on interest rates hours later at 2 p.m. ET.
3. Feeling (Jet)Blue
JetBlue Airways saw its stock sink more than 10% to a nearly 12-year low on Tuesday. The drop comes as the company forecasts a fourth-quarter loss — and as the airline prepares this week to defend its proposed acquisition of budget carrier Spirit Airlines. The U.S. Department of Justice sued, saying the proposed $3.8 billion all-cash purchase, which would create the fifth-largest airline in the country, will "increase fares and reduce choice on routes across the country." JetBlue, for its part, says it needs to grow to compete with other giant carriers.
4. Return of the Bud?
Declining Bud Light sales are still hitting the world's biggest brewer. Anheuser-Busch InBev beat expectations for the third quarter but said revenue fell nearly 14% from July to September in the U.S., its largest market, as a backlash against Bud Light continues. Sales started falling this spring when conservatives launched a boycott against Bud Light after the brewer partnered with transgender influencer Dylan Mulvaney. Now, Anheuser-Busch says it wants to focus on marketing to avenues it thinks won't be controversial — sporting and music events — in hopes of turning the tide.
5. SBF rests
FTX founder Sam Bankman-Fried's fate is about to be in the hands of a jury. His testimony in the criminal trial wrapped up after three days on the stand, and the defense rested shortly after that. The jury will start to hear arguments on Wednesday. Bankman-Fried, 31, faces a potential life sentence if convicted on fraud charges tied to the collapse of crypto exchange FTX and sister hedge fund Alameda Research late last year. He has pleaded not guilty to all charges and sought, in his testimony, to shift the blame for the collapse elsewhere.
— CNBC's Sarah Min, Jeff Cox, Leslie Josephs, Stefan Sykes, Jenni Reid and MacKenzie Sigalos contributed to this report.
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