Stock Market Today: Dow higher as tech reigns supreme to help extend win streak
Investing.com — U.S. stocks ended higher Tuesday, notching a seven-day win streak underpinned by strength in big tech as Treasury yields fell despite Federal Reserve members signaling that rate hikes remain on the table.
At 6:00 ET (21:00 GMT), The Dow Jones Industrial Average was up 56 points or 0.2%, notching its longest winning streak since July. The NASDAQ Composite was up 0.90%. The S&P 500 was up 0.3% and notched its seventh straight win, its longest winning streak since November 2021.
United States 10-Year fell as investors continue to digest remarks from Fed speakers that point to the possibility of further rate hikes ahead.
Fed governor Governor Michelle Bowman said Tuesday she continues to expect that the Fed «will need to increase the federal funds rate further to bring inflation down to our 2 percent target in a timely way.»
Focus will shift to Fed Chair Jerome Powell, who is slated to deliver a speech on Wednesday and Thursday. Futures markets expect the Fed to hold rates steady again at its December meeting.
The move lower in yields helped lift tech stocks including Apple Inc (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT), and Meta Platforms (NASDAQ:META), more than 1% higher.
Uber Technologies (NYSE:UBER)'s weaker-than-expected quarterly earnings were overshadowed by stronger-than-expected gross bookings, the value of transactions on its app. Its shares rose nearly 4%.
Datadog Inc (NASDAQ:DDOG) surged 28% after the cloud infrastructure lifted its annual guidance and reported third-quarter results that topped Wall Street estimates.
Additionally, work space provider WeWork (NYSE:WE), which was valued at $47B, has filed for bankruptcy in a New Jersey court, as it grapples with a post-pandemic
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