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The S&P 500 Has Barely Moved Following Six Days of Increases

On Tuesday, after a strong Wall Street rise, traders took a break, and stocks were neutral.

While the Dow Jones Industrial Average dipped 20 points, the S&P 500 remained close to the flat line. Surpassing expectations, the Nasdaq Composite gained 0.4%.

After reporting quarterly results that were lower than anticipated, Uber saw a 1% decline. With better-than-expected quarterly results and a positive outlook, Datadog surged 24%, marking one of its finest days ever.

Monday saw a small advance in stocks, with the tech-heavy Nasdaq recording its first positive session in seven consecutive since January. For the sixth straight session, the 30-stock Dow and the S&P 500 both saw gains.

After all three indices concluded their greatest week in 2023, Wall Street proceeded to evaluate whether the rise from last week could continue. The S&P 500 entered correction zone in October after a dismal showing, which is contrasted with the November rise. After the Federal Reserve’s meeting last week, when they decided to keep interest rates steady, investors became more upbeat. Stocks rose and Treasury yields fell.

All of the main averages are headed for monthly advances, even though November has only barely begun. Although the S&P and Nasdaq have increased 4.1% and 5.7%, respectively, the Dow is gained 3.1%.

“The next few days will probably be dull but erratic as markets process the massive [month-to-date] changes in bonds and stocks. Investors will be waiting for the next wave of significant catalysts, which won’t come until the week of November 13 with the US CPI, the Biden-Xi summit, the US government’s funding expiration, the beginning of October-end earnings, and more,” wrote Vital Knowledge’s Adam Crisafulli.

Source (CNBC)

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