Stock market today: Wall Street hangs near its records after an 8-day winning streak
U.S. stocks are hanging near their record levels following their eight-day winning streak
NEW YORK — U.S. stocks are hanging near their record heights on Tuesday following an eight-day winning streak.
The S&P 500 was 0.1% lower in afternoon trading and sitting 1.1% below its all-time high set last month. It has roared back from its scary summer drop, where the index briefly dropped nearly 10% below its record, and is near its first nine-day winning streak in almost two decades.
The Dow Jones Industrial Average was down 46 points, or 0.1%, as of 2:49 p.m. Eastern time, and the Nasdaq composite was 0.1% lower.
Nvidia was the heaviest weight on the market after falling 1.3%. The chip company is one of Wall Street's most influential stocks because a frenzy around artificial-intelligence technology has made it one of the U.S. stock market's most valuable companies at roughly $3 trillion.
Nvidia has recovered most of its summertime swoon, where its stock dropped more than 20% on worries investors went overboard and took its price too high, but it has remained shaky as it heads into its earnings report scheduled for next week.
Palo Alto Networks was helping to limit the market's losses. The cybersecurity company jumped 8.7% after becoming the latest big business to report stronger profit and revenue for the latest quarter than analysts expected. Companies in the S&P 500 are on track to report their best growth in earnings per share since the end of 2021, according to FactSet.
Lowe’s likewise topped analysts’ forecasts for profit in the spring, but its stock was more restrained. The home improvement retailer said it’s facing a challenging economic backdrop, “especially for the homeowner,” and cut its forecasts for revenue
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