It was the eighth straight day of gains for the S&P 500 on Wednesday, marking the longest winning streak in the past two years.
The Nasdaq Composite advanced 0.08% to close at 13,650.41, while the broad market index gained 0.1% to close at 4,382.79. With a 0.12% loss, or 40.33 points, the Dow Jones Industrial Average closed at 34,112.27.
“The market is beginning to position itself for the Fed to take a back seat, and we might experience a gentle landing,” Ameriprise Chief Market Strategist Anthony Saglimbene said. “Finally, there has been a slight recovery in equities, which were severely oversold throughout the previous few months.”
The economy is slowing down but is not collapsing, according to data, he continued, even though future inflation and economic reports would probably affect equities gains from here.
In other developments, the end of the earnings season continued. Even after reporting better-than-expected earnings, Rivian fell 2.4%, and Robinhood fell 14.3% after revealing notable drops in trading activity. After reporting a larger-than-expected loss, Warner Bros. Discovery saw a decline of about 19%, marking its lowest day since March 2021. Roblox surged 11.8 % due to excellent outcomes.
With Wednesday’s gains, the Nasdaq has increased 6.2% and the S&P has gained 4.5% for November. For the month, the Dow is up 3.2%. It ended its winning run that dated back to July.
These gains coincide with the end of the earnings season. In the broad-based index, around 88% of the companies have released results, and over 88% of those have exceeded earnings projections. With some companies providing cautious outlooks, slowing demand has led into only 62% exceeding revenue estimates. Results from Walt Disney, Affirm Holdings, and MGM Resorts round up the season after the bell.
Source (CNBC)
