Stocks end lower in volatile session as labor-market strength keeps pressure on the Fed to hike interest rates

• US stocks fell Tuesday, marking a second straight decline for Wall Street's major averages.
• Stocks fell after JOLTS data showed an unexpected rise in job openings while the Fed has been working to cool the labor market and inflation.

US stocks swung lower Tuesday after a report showing ongoing strength in the labor market fed into the view that the Federal Reserve is likely to continue with its jumbo-sized interest rate hikes.

All three of Wall Street's major indexes reversed earlier advances and ended with a second straight loss. But stocks were still coming off notable gains for October, during which the S&P 500 rose by nearly 4%, its best monthly performance since January 1976.

Equities on Tuesday lost steam after the US government's Job Opening and Labor Turnover report showed an unexpected increase to 10.7 million in job openings in September. Vacancies were expected to decline to 9.9 million, according to an Econoday survey of economists.

Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday:

• S&P 500: 3,856.10, down 0.41%

• Dow Jones Industrial Average: 32,653.20, down 0.24% (79.75 points)

• Nasdaq Composite: 10,890.85, down 0.89%

The data arrived the same day the Federal Open Market Committee began its two-day meeting. Investors widely expect the Fed on Wednesday to deliver the fifth rate hike of 2022 and the fourth sized at 75 basis points.

"September's job openings estimates will be disappointing news for the FOMC, which has communicated its intent to slow labor demand in order to achieve sustained declines in inflation," Barclays senior US economist Jonathan Millar wrote in a note. "Although today's estimate is unlikely to have much influence on the November FOMC decision, we suspect it will reinforce our view that the committee will want to retain optionality for December."

Policymakers on Wednesday are likely to imply its December rate decision between another rate hike of 75 basis points or a smaller move of 50 basis points will be data dependent, Barclays said.

If the Federal Reserve on Wednesday were to make the unlikely decision to raise interest rates by only 50 basis points and Fed Chairman Jerome Powell is dovish during his press conference, stocks could climb by as much as 10% on Wednesday, JPMorgan projected.

Here's what else is happening today:

• Economist Jeremy Siegel expects stocks to soar 30% in 2 years - and house prices to tumble 15% from their peak.
• Biden is threatening a windfall tax on energy companies after he slammed them for "war profiteering".
• Tightening oil supply will drive crude oil prices to $115 a barrel by April, says a Goldman Sachs strategist.
• Investors are flocking to tech and telecom stocks, but they're wrong to see them as defensive plays, says Bank of America.
• A top energy trader says Russia's expanding 'dark fleet' of tankers won't prevent its oil exports from crashing.
• Warren Buffett's Berkshire Hathaway has scored about a $13 billion gain on Chevron and Occidental.

In commodities, bonds, and crypto:

• West Texas Intermediate crude rose 2.2% to $88.39 per barrel. Brent crude, the international benchmark, rose 2% to $94.69.
• Gold gained 0.7% to $1,652.90 per ounce.
• The 10-year Treasury yield turned higher, soaring 40 basis points to 4.06%.
• Bitcoin edged up 0.1% to $20,425.11.