On Friday, stocks fell as traders attempted to hold onto their gains from this month.
32 points, or 0.1%, were taken off the Dow Jones Industrial Average. While the Nasdaq Composite lost 0.2%, the S&P 500 fell by less than 0.1%.
Shares of Gap surged 32% following the release of the company’s third-quarter earnings that exceeded expectations. After revealing a reorganisation in its C-suite and lowering its revenue projection for the third quarter, electric vehicle charging network ChargePoint saw a 34% decline.
Every one of the three averages is expected to have a weekly increase, which would be their third consecutive week of growth. At the close on Thursday, the S&P 500 and the Nasdaq had gained almost 2%, and the Dow was expected to advance 1.9%.
These increases were prompted by the Federal Reserve’s strict stance on rate policy as well as the relatively muted U.S. inflation data, which offered investors hope that the worst of inflation may be behind us.
Traders’ ability to sustain that optimism for the rest of the month is the matter at hand. The Dow has gained 5.7% in November, compared to a 7.5% increase for the S&P 500. 9.7% is the jump on the Nasdaq.
“It seems likely that we will end the year with a little rally, so I don’t believe the story for the remainder of this year is are we going to finish with a little of a rally,” stated Horizon Investments chief investment officer Scott Ladner.