{"id":39423,"date":"2023-07-23T10:58:30","date_gmt":"2023-07-23T14:58:30","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/stock-market-today-dow-ekes-out-gain-to-notch-longest-win-streak-since-2017\/"},"modified":"2023-07-23T10:58:31","modified_gmt":"2023-07-23T14:58:31","slug":"stock-market-today-dow-ekes-out-gain-to-notch-longest-win-streak-since-2017","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=39423","title":{"rendered":"Stock market today: Dow ekes out gain to notch longest win streak since 2017"},"content":{"rendered":"<div>\n<div id=\"imgCarousel\" class=\"imgCarousel\">\n<p><span class=\"text\">\u00a9 Reuters. <\/span><br \/>\n<i class=\"imgGrad\"><\/i>\n<\/div>\n<p>Investing.com &#8212; The Dow eked out a win Friday, notching its 10th-straight weekly gain and extending its longest win streak since 2017, led by a climb in defensive corners of the market including utilities amid cautious trading ahead of quarterly results from big tech next week.<\/p>\n<p>The  rose 0.01%, or 3 points, notching its longest daily win streak since Aug. 7, 2017. The  was down 0.2%, and the  was up 0.1%.<\/p>\n<h2><strong>Chip stocks climb but big tech mostly lower ahead earnings<\/strong><\/h2>\n<p>Chip stocks were pushed higher by a rally in Qualcomm Incorporated (NASDAQ:) that helped improve sentiment on chips, a day after Taiwan Semiconductor Manufacturing&#8217;s (NYSE:) outlook spooked chip investors.<\/p>\n<p>The Taiwanese chipmaker warned of a 10% drop in sales on Thursday as a weaker global economy is expected to weigh on chip demand.<\/p>\n<p>Big tech, traded flat to lower intraday, as investors looked ahead to quarterly results from Alphabet (NASDAQ:) and Microsoft (NASDAQ:) due Tuesday after the market closes.<\/p>\n<p>Both tech behemoths are up sharply year-to-date, driven by optimism that demand for artificial intelligence will bolster future growth.<\/p>\n<h2><strong>Amex, AutoNation fail to impress on earnings stage <\/strong><\/h2>\n<p><span itemscope=\"\" itemtype=\"http:\/\/schema.org\/Corporation\"><span itemprop=\"name\"> American Express <\/span><\/span> (NYSE:) reported  second-quarter results as earnings beat, but revenue missed as customers reined in spending on the firm\u2019s credit cards. Its shares fell nearly 4%.<\/p>\n<p>AutoNation (NYSE:) slumped 12% as fears that easing car prices could hurt margins offset the automotive retailer\u2019s second-quarter results that  Wall Street estimates on both the top and bottom lines.<\/p>\n<p>\u201cMargin compression will continue, but won&#8217;t reach the levels &#8212; certainly this year, in my opinion &#8212; that we saw pre-pandemic,\u201d Mike Manley, AutoNation\u2019s chief executive officer, said on an earnings call that followed the results.<\/p>\n<h2><strong>Defensive stocks lead gains<\/strong><\/h2>\n<p>In a sign of caution ahead of the big tech earnings and the Federal Reserve decision due next week, defensive corners of the market including utilities and health care were in the ascendency.<\/p>\n<p>Southern Company (NYSE:), The AES Corporation (NYSE:), and Nextera Energy Inc (NYSE:) led the move higher in utilities.<\/p>\n<p>Bets on a Fed rate hike next week are all but priced in, according to Investing.com\u2019s . This puts the focus on Chair Powell\u2019s testimony for any guidance on upcoming policy decisions, Nomura said in a note, adding that it expects July will be the last hike of the current tightening cycle.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.investing.com\/news\/stock-market-news\/stock-market-today-dow-ekes-out-gain-to-notch-longest-win-streak-since-2017-3131467\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a9 Reuters. Investing.com &#8212; The Dow eked out a win Friday, notching its 10th-straight weekly gain and extending its longest win streak since 2017, led by a climb in defensive corners of the market including utilities amid cautious trading ahead of quarterly results from big tech next week. The rose 0.01%, or 3 points, notching [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-39423","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Stock market today: Dow ekes out gain to notch longest win streak since 2017 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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