Stock market today: Wall Street dips to send S&P 500 to its longest losing streak since January
Sinking technology stocks sent Wall Street lower again, and the S&P 500 fell to its fourth straight loss
NEW YORK — Sinking technology stocks sent Wall Street lower again on Wednesday, and the S&P 500 fell to its fourth straight loss.
The index dipped 29.20 points, or 0.6%, to 5,022.21 for its longest losing streak since early January. It's down 4.4% since setting a record late last month.
The Dow Jones Industrial Average slipped 45.66 points, or 0.1%, to 37,753.31, and the Nasdaq composite sank 181.88, or 1.1%, to 15,683.37.
Tech stocks slumped after ASML, a Dutch company that’s a major supplier to the semiconductor industry, reported weaker orders for the start of 2024 than analysts expected. Its stock trading in the United States slumped 7.1%.
Nvidia dropped 3.9%, and Broadcom sank 3.5% to serve as the two heaviest weights on the S&P 500.
The weakness for tech overshadowed stronger-than-expected profit reports from some big companies, including United Airlines. It soared 17.4% after reporting stronger results for the start of the year than analysts expected, lifted by strong demand from business fliers.
The losses also came despite easing pressure from the bond market, which has been dictating much of Wall Street’s action lately. Sharp tumbles for oil prices lessened investors’ worries about inflation, which in turn helped Treasury yields ease.
The 10-year Treasury yield sank to 4.58% from 4.67% late Tuesday. The two-year yield, which moves more closely with expectations for the Fed, fell to 4.92% from 4.99%.
They gave back some of their big recent gains driven by traders giving up on hopes for imminent cuts to interest rates by the Federal Reserve.
Yields on Tuesday had returned to where they were in November
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