October has made investors nervous for nearly 100 years
What is there about October that upsets people and financial markets?
For nearly a century investors get nervous this time of year. Unfortunately watching the market as closely as I do, one would think I would have sold stocks at the first sign of trouble in October. Nope, I expected better from a few of my conservative holdings , but they are not immune ($CVX, $XOM and utility CEFs and ETFs).
Shares of Exxon, the largest U.S. oil producer, rose as much 2.1% in early trading Friday before sliding to decline as much as 2.28% after the company said its third-quarter net income at $9.1 billion, or $2.27 per share, was off 54% from the same quarter in 2022.
Chevron's shares, meanwhile, plunged more than 6% Friday after the No. 2 U.S. producer said its net profit fell 42% from the same period a year ago to $6.5 billion, or $3.05 per share on an adjusted basis. The per-share results missed consensus expectations by 28 cents.