The broad-market index attempted to extend its longest winning streak since November 2021 on Thursday, but the S&P 500 remained close to the flatline.
In contrast to the Dow Jones Industrial Average, which fell nine points, the benchmark was unchanged. Little moved on the Nasdaq Composite, too.
Following its first quarterly report as a public company, Arm fell 6%, while Disney increased 4% after reporting better-than-expected profit and increasing its cost-cutting plan. When bookings were lower than expected and Lyft announced that it expected more weakness, the ridesharing company saw a 6% decline. MGM Resorts, meanwhile, increased 3% due to its new share buyback programme and solid performance.
A quiet but significant day on Wall Street precedes the changes. After finishing just 0.1% higher overall, the tech-heavy Nasdaq and the S&P saw their longest run of gains in two years. Following a seven-day streak 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.