Tuesday’s little decline in the S&P 500 was indicative of a slowdown in the explosive run that has occurred this month.
Along with the Nasdaq Composite, the broad market index fell by 0.1%. There was a little decline in the Dow Jones Industrial Average.
Zscaler’s stock fell 2.8% or so. The cloud security provider did not alter its forecast for $2.52 billion to $2.56 billion in billings in the fiscal year 2024. In the first quarter of its fiscal year, Zscaler reported sales and adjusted profitability that above forecasts.
The actions come after Wall Street experienced a loss. While the Nasdaq Composite barely moved lower by 0.1%, the Dow and S&P 500 ended Monday’s trading session about 0.2% lower.
The small decline on Monday occurs close to the end of November’s robust trading month, which ends with Thursday’s closing. The S&P 500 and Dow are expected to close the month 8.4% and 6.9% higher, respectively. November has seen a 10.8% increase on the technology-heavy Nasdaq.
Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, stated that while stocks had performed well in November, they seemed to be in a holding pattern ahead of the holiday shopping season. The equilibrium in the tug-of-war between the bear and bull camps is still there. We believe this implies that market chop is more likely to be the rule rather than the exception.
When economic statistics on subjects like consumer confidence and home prices become available on Tuesday morning, traders will be paying close attention. Following the bell, it is anticipated that CrowdStrike will release its earnings.
Source (CNBC)
