U.S. stocks ended lower on Monday as doubts over potential interest rate cuts persisted and investors braced for high-stakes Nvidia earnings and a delayed September jobs report.
The Dow Jones Industrial Average fell by 557.24 points, or 1.18 percent, to 46,590.24. The Standard and Poor's 500 sank 61.70 points, or 0.92 percent, to 6,672.41. The Nasdaq Composite Index shed 192.51 points, or 0.84 percent, to 22,708.07.
Nine of the 11 primary Standard and Poor's 500 sectors ended in red, with financials and energy leading the laggards by dropping 1.93 percent and 1.88 percent, respectively. Meanwhile, communication services and utilities led the gainers by adding 1.13 percent and 0.84 percent, respectively.
Rate cut expectations have continued to cool, with markets now assigning roughly a 42.9 percent chance that the Federal Reserve will lower its benchmark rate by a quarter point at its December meeting, down sharply from the more than 90 percent probability priced in a month ago, according to the CME FedWatch Tool.
Tech giant Alphabet jumped more than 3 percent after Warren Buffett's Berkshire Hathaway disclosed a new stake in the Google and YouTube parent company. The move reassured investors that Berkshire still sees value in a major AI player after a strong run this year.
In contrast, AI chip leader Nvidia slipped 1.88 percent ahead of its third-quarter results due after the bell Wednesday.
Walmart is set to report earnings Thursday morning, offering a fresh look at consumer spending trends and whether households are becoming more stretched heading into the holiday season.
Also on Thursday this week, the September nonfarm payrolls report will be released, which will be the first major data point since the U.S. government shutdown triggered an extended data blackout.
U.S. stocks fall as doubts persist over Fed rate cut in December
The operational efficiency of Guangzhou Baiyun International Airport in south China's Guangdong Province has greatly improved following the launch of a new terminal and a new runway one month ago.
The airport officially put into operation its Terminal 3 and fifth runway on October 30, making it China's first civil airport to operate five commercial runways.
Terminal 3 features a range of self-service facilities, including check-in kiosks, automated baggage drop systems, and smart security screening equipment, which have greatly streamlined passenger processing.
Since its opening, five airlines have shifted their domestic operations to Terminal 3, which now handles an average of 158 flights and about 26,000 passengers daily.
"Compared with Terminal 1, both the number of staffed counters and self-service kiosks of Terminal 3 have increased significantly, greatly reducing the average check-in time for passengers. For domestic direct flights, the entire check-in process can be completed in a minimum of one minute," said Shi Mengyao, a staffer with the ground service department of the Guangdong branch of China Eastern Airlines.
Beyond efficiency improvements, the terminal also includes an observation deck that offers travelers panoramic views of the airfield.
"Since its opening, the observation deck attracts over 3,000 visitors per day on average, with total visits exceeding 100,000 to date," said Luo Li, deputy general manager of a terminal management company at Baiyun International Airport.
The airport's expansion also marks another step toward building a world-class airport cluster in the Guangdong-Hong Kong-Macao Greater Bay Area.
"The airport's expansion not only consolidates the Greater Bay Area as an aviation hub connecting China with the world, but also helps lower logistics costs within the area, promote the free flow and efficient allocation of economic resources, and enhances the area's capacity for global resource allocation," said Li Jing, chief planner with the Guangdong Provincial Department of Transport.
New terminal, runway boost operational efficiency of airport in Guangzhou
