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Stock Market Today: Dow ends lower to snap winning streak

AuthorYasin Ebrahim
Published 11/07/2023, 07:08 PM
Updated 11/08/2023, 04:06 PM
© Reuters

Investing.com -- The Dow closed lower Wednesday, snapping a seven-day wining streak as investors paused their bullish bets on stocks amid ongoing quarterly corporate earnings and remarks from Federal Reserve officials.  

At 16:00 ET (21:000 GMT), the Dow Jones Industrial Average fell 0.1%, or 40 points, while the S&P 500 and NASDAQ Composite ended 0.1% higher, with both indexes extending their winning streak. 

The benchmark S&P and tech-heavy Nasdaq notched their seventh and eighth straight day of gains on Tuesday, respectively, in the longest winning streak for both indices since 2021. The 30-stock Dow also posted its seventh consecutive positive day.

Powell offers scant clues on future policy; 10-year Treasury yields lower after auction

Fed chairman Jerome Powell didn't offer clues on future monetary policy in opening remarks at the Fed's statistics conference on Wednesday, but he is slated to speak as part of panel on Thursday. 

The yield on 10-year Treasury fell 5.5 basis points to 4.516% after the U.S. Treasury auctioned $40 billion of 10-year notes at a high yield of 4.519%, lower than the prior auction's 4.61% yield.   

Utilities, energy stocks weigh

Utilities and energy stocks were the biggest decliners on the day, with the latter weighed pressured by falling oil prices on worries about softer global energy demand 

As well as demand concerns, a surprise surge in U.S. crude inventories also added to concerns about slowing demand.

Data from the American Petroleum Institute, an industry body, showed that U.S. crude inventories surged almost 12 million barrels last week, much more than expectations for a draw of 300,000 barrels.

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The official weekly data from the U.S. Energy Information Administration has been delayed until the week of Nov. 13.

Robinhood, eBay fall after underwhelming quarter results 

Robinhood Markets Inc (NASDAQ:HOOD) fell 14% after reporting mixed quarterly results as revenue fell short of estimates following a decline trading activity amid a fall in users on the trading platform.

The company said it expects weaker trading activity in November and December, given the timing of holidays, Goldman Sachs said, as it decrease its price target on Robinhood to $10 from $11 previously.

eBay Inc (NASDAQ:EBAY), meanwhile, slipped 2% after the e-commerce platform's third-quarter results beat Wall Street estimates, but forecast softer-than-expected sales for the key holiday quarter. 

Roblox shines on better-than-feared results 

Roblox Corp (NYSE:RBLX) reported a narrower than expected loss in Q3 following stronger bookings in the quarter and the online gaming platform also said it would begin offering guidance next year.  Its shares ended 11% higher. 

(Liz Moyer, Peter Nurse and Oliver Gray contributed to this story.)

Latest comments

In re Samer Diab. Someone thoughtful and observant.
Complete rig job, it's all controlled by the left.
Hahahahhahah. You should be in Vegas.
Something else worth noting: Interest On US Debt Skyrockets Above $1 Trillion For The First Time Ever. I'm sure its nothing and stocks will be up before the weekend.. lol
wow the same text only changing the head of the text
MSFT P/E 10 years ago was 27.97, now it is 360.53. Companies have not gained value, they have gain valuation. There is a stock market bubble and tech bubble concurrently. We have not seen these sorts of stock valuations and mortgage rates since the last major economic implosion.
S&P and QQQ both closed green wym. The fraud continues. Greedy wal street fund managers tramping over each other in a feeding frenzy to buy and fake pump market to make year end commissions.
S&P 500 up a measly 0.1% and you got this triggered.  People like you are why bears have so little credibility.
I do not really care about economic numbers, what I care about is how many transgender people are in charge at the stock exchange. If there are not at least 50% men dressing as women in charge of the stock exchange then I am going to sell all my shares of Gamestop.
I hope they all have green hair and are sitting in the corner offices they deserve
Was there any single case when plane did not returned to the ground? Im just asking.
The vehicles the US sent to the moon are still there.  Also not returned are a bunch of satellites and & probes like the 2 Voyagers.
FED has been consistently hawkish and inflation hasn't yet reached their expectations. No matter what is said, investors still believe that a pivot is imminent.
it took 4 years from 1982 to 1986 for inflation to reach 2% while the s&p rallied 100%. fed will only now cut rates in a recession. ride the market to the final top until the recession led bear market starts. with the 10yr 3months still inverted, we still have months before uninversion then add 100 days on average for the recession to start. don't be a bear too soon
Pivot from hawkish to neutral happened already.
Wow, someone thoughtful and observant!
The stocks are wobbling because the US government is broke as a two bit begger on the street.
Yeah, that must be it. Dopey.
VIX is low.  Stocks are always "wobbling".
Never a day in the red in the BIGGEST INVESTMENT JOKE IN THE WORLD where savvy "investors" don't rush in to load up "in late trade" and whisk the losses out of the system.  Remarkably, they rarely if ever seem to take profits "in late trade" during a criminally manufactured "rally."  Laughingstock of the financial world.
You seem to have it all figured out. You must be a multimillionaire by now.
I think he tried stand-up comedy, but his jokes couldn't get a laugh
maybe is mkt crash coming?
"maybe" is always true.  The interesting questions are what are the odds and is the reward worth the risk for betting for/against a crash?
stk mkt moves not in a streak. randomly, the mkt looks going up today.
Wall Street heads into the holiday on a winning streak. Just in time to sell-off next week. High inflation data. CORE CPI 4.16% YOY. That'll kick off the selling, followed by no governmental budget agreement. Our nation is headed into recession and the market will have no choice but to embrace it.
in that case why don't you sell now and buy back later?
I hold nothing. Day trade it.
Fed fund rate and gov't bond yields are higher than core CPI 4.16%.
Stocks with inflation dollars, are probably back to 2020
hi!! bye!!
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