US indices finished lower as data on labour market cools hopes of a Fed pivot. Oil settled higher on reports of Covid easing in China.

The FOMC started its two-day meeting today and is expected to increase rates by 75 basis points on Wednesday.

There are still some investors who stand by the belief that Chairmen Jerome Powell is likely to point to slowing growth as a factor that the Federal Reserve is monitoring. Although, the chief will be cautious of leaning too dovish to signal that a pivot is forthcoming.

The Dow Jones made a weak start on the first day in of November as it slipped due to data showing underlying strength in the labour market cooled hopes of a Fed pivot.

The Dow was down 0.24%, the Nasdaq was down 0.89% and the S&P 500 fell 0.41%.

Job openings rose to 10.7 million compared to analysts expectations for a fall to 10 million.

In corporate news, Pfizer released stronger than expected guidance following positive quarterly earnings. Despite the slump in Covid vaccine sales its shares were up more than 3%.

Uber surprisingly rose more than 12% after its better than expected guidance dominated, shrugging off a wider than expected loss.

In China, tech stocks were in an ascending mood after reports that some of its Covid-related lockdowns may be lifted across the country.

Oil traded up 2.1% after Chinese reports on Covid restrictions easing and Fed pivot talk. West Texas was trading at $88.37 a barrel and London Brent crude was trading at $94.65 a barrel, after a net drop of almost 3% over the past couple trading sessions.

(Sources: investing.com reuters.com)