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Stock Market Today: S&P 500 in longest losing streak since October as yields jump

AuthorYasin Ebrahim
Published 04/17/2024, 08:17 PM
Updated 04/18/2024, 04:04 PM
© Reuters.

Investing.com-- The S&P 500 closed lower Thursday, notching a fifth-straight daily loss and its longest losing streak since October, as investors weighed up rising treasury yields on easing hopes for rate cuts. 

At 16:00 ET (20:00 GMT), Dow Jones Industrial Average rose 24 points, or 0.1%, but had up around 330 points intraday.  The S&P 500 fell 0.3%, while NASDAQ Composite fell 0.5%.

Treasury yields continue to melt-up on hawkish fed speak, stronger economic data

Treasury yields continued to trend higher rate-cut expectations continued to take knock following remarks from Fed speakers calling for patient on cuts, while others flagged the possible of resuming rate hikes should inflation pick up pace. 

 
Interest are in a "good place",  New York Federal Reserve President John Williams said Thursday, though cautioned that "if the data are telling us that we would need higher interest rates to achieve our goals, then we would obviously want to do that."
 
Atlanta Fed president Raphael Bostic reiterated that rate cuts aren't likely to begin until the end of the year the path to the 2% inflation target would be slow and bumpy.  

As well as hawkish Fed remarks, fewer than exepcted Initial jobless claims data, pointing to ongoing strength in the labor market and an unexpected increase in a key regional manufacturing report also dented hopes on rate cuts.  

Taiwan Semiconductor impressive results fail to stop chip rout

TSMC (NYSE:TSM), the world’s largest contract chipmaker, fell 5% as its lowered forecast for overall semiconductor growth offset first-quarter results that topped Wall Street estimates, driven by strong demand for all things AI.

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Some on Wall Street remain sanguine on the chipmaker on expectations for an ongoing boost from AI-led demand.  

"[W]e are viewing results through a constructive lens, given the positive commentary from TSMC regarding its outlook for artificial intelligence," Wedbush said in a note as it reiterated its outperform rating on the stock. 

Micron Technology Inc (NASDAQ:MU) also weighed on chip stocks after falling more than 8% even as the memory chip maker is reportedly set to receive over $6 billion in government grants.

Alaska Air shines on earnings stage,  Alcoa rises, Las Vegas Sands slips on Macau worries

Alaska Air (NYSE:ALK) was flat after the carrier forecast current-quarter profit above estimates as the hit to capacity from the grounding of its Boeing (NYSE:BA) 737 Max 9 fleet was offset by a surge in corporate travel demand. 

Aluminum producer Alcoa (NYSE:AA) was trading below the flatline after its earnings topped estimates, and it flagged steady production in 2024.

Casino operator Las Vegas Sands (NYSE:LVS) fell over 9% despite beating profit expectations, as underperformance at its Macau operations remained a point of concern. 

(Peter Nurse, Ambar Warrick contributed to this article.)

Latest comments

Just a mere 12 points puts the SP500 under the psychologically important 5000 level.
This article is full of typographical errors and mistakes. Doesn't anyone proofread these articles before they're posted?
Mike, do you think the semiconducotr sector would go up or it will be llosing as now ?
I noticed exactly the same thing. The errors are grossly obvious.
People see the gaslighting. Already red in AH. Giving falsely lower subscriber estimates to try and manipulate earnings move does not do anything to justify valuation since the stock is already trading with a P/E over 50.
NFLX is already trading with a P/E over 50. Underestimate subscribers and then reporting "expectations beat" does not do anything to actually justify the valuation.
I say the S&P 500 index must end its current losing trading streak, probably tomorrow.
Tomorrow's topic - SP500 dips as Netflix disappointing earnings weigh
Another late trade miracle, as the US Ponzi Scheme financially dismantles America in broad daylight.
no, market was flat for the 3 hours before close.
The laughingstock of the investing world miraculously holds the break-even line, criminally propped to avoid further losses. Guess they'll hold it at the most grossly overvalued level in history for another 20 years until the US financially catches up to it.
Nothing bad has happened today, data wasn't too bad. Why should stocks go below breakeven? Today was already more than a just healthy correction. Today's peak was a bit nonsense, agreed. But this is because some industries are rising strongly (see airlines, for instance), because of good results and being heavily undervalued, not because the Fed is buying them...
the laughing stock of investing.com making more ignorant statements about these markets.
"Treasury yields continued to trend higher rate-cut expectations continued to take knock following remarks from Fed speakers calling for patient on cuts, while others flagged the possible of resuming rate hikes should inflation pick up pace." Who on Earth wrote this - such a rag of a website!
looks like they got a drunk AI to write this drivel
More like someone who speaks english as a second language.
The criminal strategy is as obvious as can be. Stave off a major loss by criminally inflating the market at the open, let the manufactured gains bleed off, then hold the line once it reaches break-even. Nice way to keep the balloon afloat. 40 point loss instead of a 400 point loss. Who are these savvy investors that have so much cash that they can lose money every day by investing in the morning? Fraudulent, manipulated JOKE.
The FED - they have been injecting a serious amount into the markets over the past few weeks - to make up for the blackout windows of the share buyback schemes that have been pumping the market over the past five months
Powell is awaiting NFLX earnings before deciding what to do with rates.
ROFL
the market maker is setting up a massive drop after tomorrow's Opex
The international bond market is too large for the USGov and FED to manipulate - As are the forex markets - waayyyyyyy too big - so they're just holding the US stock market together very possibly for just tomorrow's Opex - and the market maker will then get into position for volumegeddon next week - there are massive moves and bets in various markets including oil, that a huge recession is already upon us - most of us know it already by just walking around our local town / city streets - we see how much we're paying for everything and how tight money is right now - and how much credit cards are broken, spent and delinquent - it's just the lamestream media and the politicians and the Anal ysts haven't told any of us yet and continue to gaslight us instead - but it's as clear as day - there is NO soft landing - the market is going to awaken to reality pretty damn soon!
Looks like the TIPS auction soured the market for today. High inflation ran the bids up!!
Netflix? In the religion of ancient Rome, a haruspex was a person trained to practice a form of telling the future called haruspicy. It involved the inspection of the entrails of sacrificed animals, especially the livers of sacrificed sheep and poultry.
after almost six or seven cuts as far I remember from August 2023. of course done by analitycs. we can buy stocks as much as we can :)
So far, Netflix will save us from inflation, high interest rates, recession, and excessive fiscal spending.
This insanity with earnings from a single company to move the whole stock market is so ridiculous. As if it had any impact on the overall economy except from robbing the last dollars from the consumers leaving them starve to death.
and all the companies that perform poorly are just ignored. Stocks gotta be pumped!
With AI actors, more people should be able to produce more entertainment for lower cost.
Joe Biden's new story that he has gone around and repeated 5 times since yesterday is that his uncle was eaten by cannibals. Today's market action reflects the financial markets digesting the news, like the person who ate his uncle.
10yo yields @ november 23 levels and rising. SP500 should be sub 4700.
Key Netflix earnings indicates how lame this site is
Netflix earning determine.US trillions stocks movement...... best deceptive bullish scam news ever......
Another miraculous day in the greatest financial FRAUD in history, and biggest investment JOKE in the world.
The joke continues
Economy is too hot. A rate hike is needed. Or set the target to 3%, not 2%.
I've thought the whole time that 3% is a much more rational and realistic target.
Earnings will show the truth. So far only airlines, United Health were rising, and a bank (GS, I guess). I guess Utilities will rise. Everything else overinflated will fall.
inflation is too hot - the economy is not - the economy is very weak - notice, the article doesn't bother mentioning that existing home sales fell off a cliff - there's only a few sectors of the US economy that is doing well - mainly defence and selling LNG to Europe at any price - due to blowing up nordstream - and then healthcare as everyone is sick - and a few other areas where the US gov is spending trillions of USD - handing out another 6 billion to micron tech today having already shelled out over 24 billion to three other highly profitable chip companies - but hey, I'm sure the US tax payer can afford it, alongside massive donations to Ukraine and Israel
who cares about netflix?
Key NFLX earnings?! LMAOOO. Bro NVDA reported only $20 billion revenue last quarter and pump to a market cap of $2 trillion. None of this matters, the market makers already know what they are doing with this market no matter what the numbers or headlines are.
Yep... all that's needed is some fabricated cover so they can pull the strings
yep, the pump is done - now, the big rug pull is upon us, but the lamestream media will continue to gaslight the dumb money retail investor to the very end, as they're left holding the bags
only thing funnier would be Anheuser-Busch
Once SP500 breaks 5000, it's time to look out below!
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