Tuesday, May 21, 2024
HomeTrading RoomAfter Six Days of Increases, the S&P 500 is 500 Inches Lower

After Six Days of Increases, the S&P 500 is 500 Inches Lower

Tuesday’s stock market was choppy as traders took a break after a strong Wall Street rise.

While the Dow Jones Industrial Average increased by 60 points, or 0.2%, the S&P 500 fell by 0.2%. With a 0.1% increase, the Nasdaq Composite did better.

Following the release of lower-than-expected quarterly results, Uber saw a 1% decline. After exceeding quarterly numbers and providing a positive outlook, Datadog shares surged 22%, marking one of their greatest days ever.

Monday saw a small advance in stocks, with the tech-heavy Nasdaq recording its first positive session in seven consecutive since January. For the sixth straight session, the 30-stock Dow and the S&P 500 both saw gains.

After all three indices concluded their greatest week in 2023, Wall Street proceeded to evaluate whether the rise from last week could continue. The S&P 500 entered correction zone in October after a dismal showing, which is contrasted with the November rise. After the Federal Reserve’s meeting last week, when they decided to keep interest rates steady, investors became more upbeat. Stocks rose and Treasury yields fell.

“The next few days will probably be dull but erratic as markets process the massive [month-to-date] changes in bonds and stocks. Investors will be waiting for the next wave of significant catalysts, which won’t come until the week of November 13 with the US CPI, the Biden-Xi summit, the US government’s funding expiration, the beginning of October-end earnings, and more,” wrote Vital Knowledge’s Adam Crisafulli.

Source (CNBC)

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