{"id":11437,"date":"2023-11-09T02:25:47","date_gmt":"2023-11-09T02:25:47","guid":{"rendered":"https:\/\/infundpros.com\/markets\/dow-ends-slightly-lower-while-sp-500-extends-longest-winning-streak-in-2-years\/"},"modified":"2023-11-09T02:25:49","modified_gmt":"2023-11-09T02:25:49","slug":"dow-ends-slightly-lower-while-sp-500-extends-longest-winning-streak-in-2-years","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=11437","title":{"rendered":"Dow ends slightly lower while S&#038;P 500 extends longest winning streak in 2 years"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002704548\" role=\"document\">\n<p>U.S. stocks closed mostly higher Wednesday afternoon, extending the S&amp;P 500 index\u2019s and Nasdaq\u2019s longest winning streaks in two years.<\/p>\n<h2>What happened<\/h2>\n<ul class=\"articleList\">\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       fell 40.33 points, or 0.1% to close at 34,112.27<\/p>\n<\/li>\n<li>\n      The S&amp;P 500<br \/>\n        SPX<br \/>\n       rose 4.40 points or 0.1% to finish at 4,382.78 in the eighth consecutive trading day of gains. It has recorded the longest winning streak since November, 2021 when the market rose for eight straight trading days.<\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP<br \/>\n       closed up 10.56 points or 0.1% to 13,650.41 in its nineth consecutive trading day of gains. It is the longest winning streak since November, 2021 when the market rose for 11 straight trading days.<\/p>\n<\/li>\n<\/ul>\n<h2>What drove markets<\/h2>\n<p>Federal Reserve Chair Jerome Powell offered no remarks on monetary policy when he welcomed participants to a Fed conference on economic forecasting ahead of the opening bell. Powell on Thursday is due to deliver a more closely watched speech.<\/p>\n<div class=\"paywall\">\n<p>The S&amp;P 500 index has risen 6.5% over the course of its winning streak. Much of the propulsion has again come from big technology stocks. The tech-rich Nasdaq Composite is up 8.4% over a nine-day streak, also the best run in two years.<\/p>\n<p>Driving the advance was a sharp fall in implied borrowing costs after last week\u2019s Federal Reserve statement, and soft October jobs data bolstered hopes that interest rate cuts could soon be on the horizon, according to Derren Nathan, head of equity research at Hargreaves Lansdown.<\/p>\n<p>However, Nathan added: \u201cstocks may well pause for breath as investors balance the hope for rate cuts with building financial stresses in the economy. And it wouldn\u2019t be the first time it the current cycle of elevated interest rates that the market has been wrong about the timing of the Fed pivot.\u201d<\/p>\n<p>A period of consolidation for stocks was understandable given the extent of recent gains and the lack of important macroeconomic news this week, said Tom Lee, head of research at Fundstrat.<\/p>\n<p>\u201cBut\u2026given the bearish positioning by both institutional and retail investors, we believe stocks likely levitate on the absence of macro news,\u201d Lee added.<\/p>\n<p>\u201cI don\u2019t necessarily think we\u2019re off to the races here. We think we\u2019re still kind of in a range and trending up now toward the high end of the range,\u201d according to James Ragan, director of wealth management research at D.A. Davidson.<\/p>\n<p>Meanwhile, even though the third quarter earnings have been better than expected, the fourth quarter earnings estimates have fallen a bit, Ragan said in a call. \u201cWe still think there\u2019s there\u2019s still some uncertainty about the earnings growth next year,\u201d Ragan noted. <\/p>\n<p>There were no top-tier economic reports on the calendar Wednesday, but investors were eyeing the Treasury Department\u2019s auction of 10-year notes<br \/>\n        BX:TMUBMUSD10Y<span>,<\/span><br \/>\n       which was met with average demand after factoring in its increased size.<\/p>\n<p><strong>See:<\/strong> Treasury\u2019s $40 billion 10-year auction goes as expected, strategist says<\/p>\n<p>The 10-year Treasury rate on Wednesday slipped 4.8 basis points to 4.522%, its lowest level since September. <\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      <strong>Rivian Automotive Inc. <\/strong>shares<br \/>\n        RIVN,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230726939\/composite\" class=\"negative\">-2.41%<\/bg-quote><br \/>\n       closed 2.4% lower, giving up earlygains seen after the EV maker narrowed its quarterly loss and said it ended an exclusivity deal with Amazon.com Inc. for its last-mile electric delivery vans.  <\/p>\n<\/li>\n<li>\n      <strong>Robinhood Markets Inc.<\/strong><br \/>\n        HOOD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/228268942\/composite\" class=\"negative\">-14.29%<\/bg-quote><br \/>\n       fell more than 14% after the trading app reported quarterly revenues that missed expectations. <\/p>\n<\/li>\n<li>\n      <strong>EBay Inc. <\/strong><br \/>\n        EBAY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/204653455\/composite\" class=\"negative\">-2.01%<\/bg-quote><br \/>\n       dropped 2% after the online marketplace offered a tepid revenue forecast for the holiday quarter amid intensifying competition from Amazon.com Inc.<br \/>\n        AMZN,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210331248\/composite\" class=\"negative\">-0.44%<\/bg-quote><br \/>\n       and others.<\/p>\n<\/li>\n<li>\n      <strong>Warner Bros. Discovery Inc.<\/strong><br \/>\n        WBD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200511275\/composite\" class=\"negative\">-19.04%<\/bg-quote><br \/>\n       slumped 19% after the studio and streaming video company reported a wider-than-expected third loss, while revenue just topped expectations.<\/p>\n<\/li>\n<\/ul>\n<p>\u2014 Jamie Chisholm contributed. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/s-p-500-futures-edge-lower-after-seven-day-winning-streak-best-in-two-years-9e4645ca?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks closed mostly higher Wednesday afternoon, extending the S&amp;P 500 index\u2019s and Nasdaq\u2019s longest winning streaks in two years. What happened&#8230;<\/p>\n","protected":false},"author":1,"featured_media":11438,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-11437","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dow ends slightly lower while S&amp;P 500 extends longest winning streak in 2 years | inFundPros<\/title>\n<meta name=\"description\" content=\"U.S. stocks closed mostly higher Wednesday afternoon, extending the S&amp;P 500 index\u2019s and Nasdaq\u2019s longest winning streaks in two years.What happened\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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