{"id":81439,"date":"2023-11-06T20:35:58","date_gmt":"2023-11-07T01:35:58","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/dow-jones-secures-longest-win-streak-since-late-july-following-best-week-of-2023\/"},"modified":"2023-11-06T20:36:01","modified_gmt":"2023-11-07T01:36:01","slug":"dow-jones-secures-longest-win-streak-since-late-july-following-best-week-of-2023","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=81439","title":{"rendered":"Dow Jones secures longest win streak since late July following best week of 2023"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002695636\" role=\"document\">\n<p>U.S. stocks finished higher on Monday, handing the Dow its longest win streak since late July, following the best week for equities in 2023. <\/p>\n<h2>How stocks traded<\/h2>\n<ul class=\"articleList\">\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       finished up by 34.54 points, or 0.1%, at 34,095.86. <\/p>\n<\/li>\n<li>\n      The S&amp;P 500<br \/>\n        SPX<br \/>\n       closed higher by 7.64 points, or 0.2%, at 4,365.98.<\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP<br \/>\n       ended up by 40.50 points, or 0.3%, at 13,518.78.<\/p>\n<\/li>\n<li>\n      Monday was the Nasdaq\u2019s seventh straight day of gains, matching the win streak last seen in January. It also marked the sixth consecutive session of advances for the Dow Jones and the S&amp;P 500, the longest streak of gains since June-July.<\/p>\n<\/li>\n<\/ul>\n<p>Last week, the Dow Jones rallied 5.1%, its biggest weekly gain since the week that ended on Oct. 28, 2022. The S&amp;P 500 jumped 5.9% and the Nasdaq Composite gained 6.6% \u2014 the largest weekly advances since Nov. 11, 2022.<\/p>\n<div class=\"paywall\">\n<h2>What drove markets<\/h2>\n<p>Stocks found fresh momentum late Monday, adding to the sharp climb from last week that occurred after comments from Federal Reserve Chair Jerome Powell and signs of a cooling labor market had forced bond yields sharply lower. Expectations also have been growing that the U.S. central bank might be finished raising interest rates in this cycle.<\/p>\n<p>Yields on the benchmark 10-year U.S. Treasury bond<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       jumped back to 4.662% on Monday, constraining equity bulls\u2019 optimism during much of the New York session. A few weeks ago, the benchmark rate had traded at a fresh 16-year high above 5%, but then it briefly dipped below 4.5% on Friday \u2014 which helped fuel last week\u2019s risk-taking appetite. Investors are awaiting a series of bond auctions later this week. <\/p>\n<p>Over much of Monday\u2019s session, equities were \u201cplaying second fiddle\u201d to Treasury bonds, \u201cwith the S&amp;P 500 merely tagging along for the ride,\u201d said Stephen Innes, managing partner at SPI Asset Management.<\/p>\n<p>That was the case until late in the day, when stocks finally found renewed upward momentum.<\/p>\n<p>The moves in stocks have been occurring against a backdrop of lingering negative investor sentiment. A survey conducted by the American Association of Individual Investors showed that 50.3% of respondents were in a bearish mood during the week that ended last Wednesday. <\/p>\n<p>\u201cIf you think about the reason why yields have softened prior to today, it\u2019s because of a potential economic slowdown. On one side, people are hoping for a seasonal rally, and on the other are signs that the economy is slowing. That\u2019s what you\u2019re seeing playing out right now,\u201d Mark Neuman, founder of Atlanta-based\u00a0Constrained Capital, said via phone on Monday.<\/p>\n<p><strong>Check out:<\/strong> Will a stock-market rally follow a peak in bond yields? It depends.<\/p>\n<p>It\u2019s a slow start to the week in terms of economic data, featuring just the Federal Reserve\u2019s loan-officer survey for October, which showed that banks continued to tighten standards for business loans in the third quarter.<\/p>\n<p>Fed governor Lisa Cook was the only senior Fed official to deliver public remarks on Monday, pushing back against concerns that households and businesses with too much debt could threaten the economy. <\/p>\n<p>Moreover, \u201cin the banking industry, the deposit volatility that we saw earlier this year has abated,\u201d Cook said. <\/p>\n<p><strong>See:<\/strong> Fed\u2019s Cook says debt not a big threat yet to U.S. economy<\/p>\n<p>Meanwhile, the third-quarter earnings season continues, but reports are coming in at a slower pace. <strong>Vertex Pharmaceuticals <\/strong><br \/>\n        VRTX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202259802\/composite\" class=\"positive\">+2.54%<\/bg-quote><br \/>\n       will release results after Monday\u2019s closing bell. Highlights for the week may be <strong>Uber<\/strong><br \/>\n        UBER,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211348248\/composite\" class=\"positive\">+0.82%<\/bg-quote><br \/>\n       on Tuesday and <strong>Walt Disney<\/strong><br \/>\n        DIS,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203410047\/composite\" class=\"negative\">-1.23%<\/bg-quote><br \/>\n       on Wednesday.<\/p>\n<p><strong>See:<\/strong> Disney and other entertainment giants report after upbeat results from peers, but investors are getting harsher on companies that don\u2019t deliver<\/p>\n<p>With 81% of S&amp;P 500 companies having reported results, 82% of those have delivered a positive earnings-per-share surprise and 62% have posted a positive revenue surprise, according to John Butters, senior earnings analyst at FactSet. However, stocks\u2019 reaction has been mixed, likely due to a high bar for forward guidance, as Barron\u2019s reported.<\/p>\n<p><strong>Need to Know:<\/strong> Rally will fizzle out in a week or two, Morgan Stanley strategist Wilson says<\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      <strong>Tesla Inc.<\/strong> shares<br \/>\n        TSLA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203558040\/lastsale\" class=\"negative\">-0.31%<\/bg-quote><br \/>\n       finished down by 0.3% following\u00a0Elon Musk\u2019s reported announcement to staff that the automobile manufacturer will make its new low-cost cars in a plant near Berlin.<\/p>\n<\/li>\n<li>\n      Shares of <strong>Kodiak Sciences Inc.<\/strong><br \/>\n        KOD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207655028\/composite\" class=\"negative\">-13.56%<\/bg-quote><br \/>\n       ended down by 13.6% after the biotech company\u00a0outlined plans to launch an additional pivotal study looking at the effectiveness of its tarcocimab tedromer drug following talks with U.S. regulators.<\/p>\n<\/li>\n<li>\n      <strong>Paramount Global\u2019s <\/strong>Class B shares<br \/>\n        PARA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200340870\/composite\" class=\"negative\">-7.78%<\/bg-quote><br \/>\n       closed down by 7.8% after analysts at BofA Securities downgraded the stock.<\/p>\n<\/li>\n<li>\n      <strong>Bumble\u2019s<\/strong> Class A stock<br \/>\n        BMBL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/224422770\/composite\" class=\"negative\">-4.39%<\/bg-quote><br \/>\n       finished 4.4% lower after the company, which operates the dating app Bumble,\u00a0said that\u00a0CEO Whitney Wolfe Herd\u00a0was stepping down and would be replaced by Lidiane Jones. <\/p>\n<\/li>\n<\/ul>\n<p><em>Jamie Chisholm contributed.<\/em><\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/s-p-500-futures-show-stocks-extending-latest-rally-4a0996e2?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks finished higher on Monday, handing the Dow its longest win streak since late July, following the best week for equities in 2023. How stocks traded The Dow Jones Industrial Average DJIA finished up by 34.54 points, or 0.1%, at 34,095.86. The S&amp;P 500 SPX closed higher by 7.64 points, or 0.2%, at 4,365.98. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":81440,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-81439","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dow Jones secures longest win streak since late July following best week of 2023 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. stocks finished higher on Monday, handing the Dow its longest win streak since late July, following the best week for equities in 2023. 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