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S&P 500 Snaps 8-Day Win Streak as Bullish Bets Ease

Stock MarketsNov 09, 2021 04:11PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The S&P 500 snapped its eight-day winning streak Tuesday, as investors eased their bullish bets amid a Tesla-fueled slump in consumer discretionary stocks and weakness in financials as U.S. Treasury yields slid.

The S&P 500 fell 0.36%, the Dow Jones Industrial Average lost 0.31%, or 112 points, the Nasdaq slipped 0.60%.

Tesla (NASDAQ:TSLA) fell 12%, adding to its 10% slump from Monday as investors anticipate that CEO Elon Musk will offload 10% of his stake in the electric vehicle maker after followers backed the move in a recent twitter poll.

General Motors (NYSE:GM), and Ford Motor (NYSE:F) also dragged the sector deeper into the red.

Financials were weighed down by weakness in banking stocks amid a fall in U.S. bond yields following signs of slowing producer inflation.

Lincoln National (NYSE:LNC), Prudential Financial (NYSE:PRU), Wells Fargo (NYSE:WFC) were down more than 1%.

The producer price index, or wholesale inflation rose 0.5% in September, missing expectations for a 0.6% gain expected. But core ppi inflation fell short of estimates.

“Core goods inflation, however, looks to be peaking […] this is not definitive, yet, but it is encouraging, at the margin,” Pantheon Macroeconomics said in a mote.

Energy shrugged off rising oil prices as investors seemingly took some profit on run-up in the Diamondback Energy (NASDAQ:FANG), Occidental Petroleum (NYSE:OXY), and Devon Energy (NYSE:DVN).

Industrials outperformed the broader market following a 2% climb in General Electric (NYSE:GE) after the conglomerate outlined plans to split into three business.

GE will split its business into health care, energy, and aviation, but would eventually focus on the latter amid plans to sell health care and energy in 2023 and 2024, respectively.

The earnings front, meanwhile, offered mixed results from corporates.

PayPal (NASDAQ:PYPL) fell 12% after the payments company reported mixed third-quarter results, with a miss on revenue estimates, while guidance also disappointed.

The quarterly results drew a slew of negative reactions from Wall Street analysts, with Morgan Stanley cutting its price target on the stock to $265 from $340, but kept its overweight rating.

 "PayPal is being adversely impacted from hangover impacts of the pandemic, [which is] creating a bigger drag on growth than we had previously anticipated, negatively impacting our ’22 estimates," Morgan Stanley (NYSE:MS) said in a note.

Palantir Technologies (NYSE:PLTR) slumped more than 9% despite reporting third-quarter results that topped Wall Street estimates.

Roblox (NYSE:RBLX), meanwhile, was one of the standout performers, rising 42% after reporting better-than-expected Q3 results underpinned by stronger user activity despite the easing of pandemic restrictions and back-to-school seasonality.

In other news, speculation over whether Jerome Powell will retain his position as Federal Reserve Chairman intensified following a Bloomberg report that President Joe Biden had interviewed Fed Governor Lael Brainard as a possible candidate for the top job.

S&P 500 Snaps 8-Day Win Streak as Bullish Bets Ease
 

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Comments (9)
Omolade Progress Aluaye
Omolade Progress Aluaye Nov 09, 2021 6:59PM ET
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GE splitting into three businesses and selling off health and energy in 2023 and 2024, and focusing on Aviation is a bad call for me. it would affect revenue except they intend to buy out major aviation competitions. but considering the lingering COVID impact and how travel industry has been impacted in recent times, overall, its a bad decision if you ask me. my opinion though.
John Lakran
John Lakran Nov 09, 2021 6:47PM ET
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Bullish Bets or Managers chasing performance I'm betting the latter. When it pops at least they all will be down alot.
Matt Novakovich
Matt Novakovich Nov 09, 2021 5:39PM ET
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shoot. now people are only up 299% in 3 years
russ hebert
russ hebert Nov 09, 2021 5:00PM ET
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Biden is a train wreck looking for a place to happen, I think he found it
Toh Kingsley
Toh Kingsley Nov 09, 2021 4:43PM ET
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please need help
Deline Eyoung
Deline Eyoung Nov 09, 2021 4:43PM ET
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l am called the big man in the world. Do you believe.
Toh Kingsley
Toh Kingsley Nov 09, 2021 4:43PM ET
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okay
Mohd Izhar Muslim
Mohd Izhar Muslim Nov 09, 2021 4:27PM ET
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it's awesome,that sounds great to me
Brytino Goodie
Brytino Goodie Nov 09, 2021 4:27PM ET
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I don't know how to use the app so i need gouda line please
 
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