Aiming to continue its longest winning streak in nearly two years, the S&P 500 stayed close to the flatline on Wednesday.
Whereas the Nasdaq Composite fell by over 0.1%, the overall market index barely altered. 0.1%, or 30 points, were added to the Dow Jones Industrial Average.
Rivian’s stock fell over 2% despite the company releasing production estimates and results that were higher than anticipated, while Array Technologies’ stock fell 21% due to the company’s poor full-year earnings and revenue guidance. After revealing notable drops in trading volumes, Robinhood fell by about 13%, while Roblox surged by 19%.
Tuesday marked the S&P 500’s seventh consecutive positive session, and the Nasdaq continued to rise for an eighth day. Since November 2021, they were the indices’ longest winning runs. The Dow also recorded a winning streak of seven days.
The S&P 500 has seen improvements this season, with around 88% of its businesses exceeding earnings predictions. However, just 62% of these companies have exceeded revenue expectations due to decreasing demand.
“We kind of know where everyone is at this time; all the big tech equities have already reported,” Mahoney Asset Management CEO Ken Mahoney stated. “So, at this point, there really shouldn’t be too many shocks.”
Source (CNBC)
