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S&P 500 Records Its First Three-Month Losing Run since 2020 Despite Closing Higher on Tuesday

Tuesday saw a rise in stocks, reclaiming some of the ground lost during the gloomy month characterised by rising interest rates.

At 4,193.80, the S&P 500 gained 0.65%, and the Nasdaq Composite gained 0.48% to close at 12,851.24. The Dow Jones Industrial Average reached 33,052.87, up 123.91 points, or 0.38%.

Financials and real estate gained 1.1% and 2%, respectively, but the S&P 500 underperformed in these areas. Remarkably, though, a few mega-cap tech stocks declined. Meta Platforms and Alphabet’s stock dropped. Almost 1% less was made by Nvidia.

The fear gauge’s long-term average of about 20 was surpassed by the Cboe Volatility Index (VIX), which fell to an 18 handle. Increased market uncertainty may be indicated by a higher VIX reading.

Tuesday was another earnings season. After announcing that its sales for the fourth quarter would only be “slightly” greater than it was a year ago, Caterpillar saw a decline of more than 6% in shares. The company makes construction equipment. After the airline’s third-quarter results fell short of forecasts in terms of both revenue and profitability, JetBlue’s stock price fell by more than 10%.

For the third consecutive month, stocks had a losing month. 1.4% and 2.2%, respectively, were lost by the Dow and the S&P 500. Both indices have now seen a three-month losing run for the first time since March 2020. In October, the tech-heavy Nasdaq saw a 2.8% loss, marking its third consecutive negative month.

Source (CNBC)

SourceCNBC
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