Friday, May 17, 2024
HomeTrading RoomFor the Ninth Day in a Row, the S&P 500 is Marginally...

For the Ninth Day in a Row, the S&P 500 is Marginally Lower and Struggles to Continue Rising

Thursday saw a modest decline in the S&P 500 as the broad-market index failed to extend its longest winning run since November 2021.

In contrast to the Nasdaq Composite, which fell 0.1%, the benchmark fell 0.2%. About 0.3%, or 100 points, were taken off the Dow Jones Industrial Average.

As for the FOMC and, again, the notion that financial conditions won’t likely get tighter, Sylvia Jablonski, CEO of Defiance ETFs, said, “We’re going to have these little stops along the way, but I think generally, there’s just a good reason to be happy.”

Disney gained 7% after revealing higher-than-expected earnings and increasing its cost-cutting strategy, while Arm fell 6% after releasing its first quarterly report as a publicly traded firm. Despite reporting impressive results and launching a new share buyback programme, MGM Resorts saw a 1% decline.

After a quiet but significant day on Wall Street, the moves come. With their longest run of winning sessions in two years, the tech-heavy Nasdaq and the S&P both ended the day up roughly 0.1%. After seven days of gains, the Dow ended the week lower by roughly 0.1%.

However, senior investment strategist Robert Haworth of U.S. Bank Wealth Management says that even with the S&P’s recent winning run, the market still has limited leadership. He added that while investors evaluate the interest rate situation, technology stocks have continued to outperform.

According to Haworth, “it seems like the market believes that higher rates will be here to stay.” The situation is truly divided.

Source (CNBC)

SourceCNBC
- Advertisment -

Most Popular

Recent Comments