Stock Market Today: Dow ends lower to snap winning streak
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.
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 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.
The official weekly data from the U.S. Energy Information Administration has been delayed until the week of Nov. 13.
Robinhood Markets Inc (NASDAQ:HOOD) fell 14% after reporting mixed quarterly results as
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