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U.S Stocks Turn Lower as the S&P 500 Struggles to Keep Its Winning Streak Alive

November 9, 2023
minute read

U.S. stocks experienced a decline on Thursday, jeopardizing the S&P 500 index's attempt to sustain its longest winning streak in two years. Achieving a positive close would secure the index's lengthiest winning streak in nearly two decades.

Current stock performance:

  • The S&P 500 dropped by 6 points, or 0.1%, reaching 4,377.
  • The Dow Jones Industrial Average lost 84 points, or 0.2%, settling at 34,027.
  • The Nasdaq Composite decreased by 3.5 points, or less than 0.1%, reaching 13,646.

On Wednesday, the S&P 500 and Nasdaq Composite extended their winning streaks to the eighth and ninth sessions, respectively, marking their longest such streaks since November 2021.

Factors influencing the market:After three consecutive monthly losses, U.S. stocks have seen a sudden turnaround in November, potentially reaching a milestone if the S&P 500 achieves a ninth consecutive day in positive territory. FactSet data reveals that the last time the S&P 500 recorded such a long winning streak was on November 5, 2004. Additionally, if the Nasdaq rises for the tenth session, it would mark its longest winning streak since November 8, 2021.

In the past two weeks, falling Treasury yields, a weaker U.S. dollar, and lower oil prices have contributed to the stock market's upward momentum. However, the market struggled to maintain this momentum on Thursday.

Art Hogan, Chief Market Strategist at B. Riley Wealth, attributed the recent market rise to the reversal of headwinds such as rising Treasury rates, a stronger dollar, and increasing energy prices that were prevalent in early November.

The Russell 2000, representing small-cap stocks, was up 0.2% at 1,717, outperforming last week and reflecting the strongest advance for U.S. stocks this year.

Federal Reserve Chairman Jerome Powell's commentary is anticipated as a significant market-moving event on Thursday. Traders are interested in Powell's views on the rapid pullback in Treasury yields since the Fed's November policy meeting.

Before the market opening, traders considered the latest report on jobless benefits, indicating a decline of 3,000 to 217,000 initial jobless claims last week. Additionally, the Treasury market was under scrutiny, with concerns about the market reception of government debt easing after a well-received $40 billion sale of 10-year bonds on Wednesday.

The S&P 500, during its eight-day winning streak, has gained 6.45% as the 10-year Treasury yield decreased from a 16-year peak to below 4.5%.

Federal Reserve Bank of Richmond President Thomas Barkin is scheduled to speak on the economic and policy outlook. On the earnings front, Tapestry (TPR) saw a decline after missing revenue estimates, and investors also reviewed earnings from Novavax (NVAX). Post-market, Plug Power (PLUG) and Wynn Resorts (WYNN) are set to present their financial results.

Cathy Hills
Associate Editor
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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