{"id":81843,"date":"2023-11-07T18:35:55","date_gmt":"2023-11-07T23:35:55","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/sp-500-nasdaq-record-longest-winning-streaks-in-two-years\/"},"modified":"2023-11-07T18:35:59","modified_gmt":"2023-11-07T23:35:59","slug":"sp-500-nasdaq-record-longest-winning-streaks-in-two-years","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=81843","title":{"rendered":"S&#038;P 500, Nasdaq record longest winning streaks in two years"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002699293\" role=\"document\">\n<p>U.S. stocks closed higher Tuesday, with the S&amp;P 500 and Nasdaq Composite recording their longest win streaks in two years as oil prices retreated and investors weighed comments from Federal Reserve officials.<\/p>\n<h2>What happened <\/h2>\n<ul class=\"articleList\">\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       rose 56.74 points or 0.2% to end at 34,152.60. It is the longest winning streak for the index since July 26, 2023 when it rose for 13 straight trading days.<\/p>\n<\/li>\n<li>\n      The S&amp;P 500<br \/>\n        SPX<br \/>\n       gained 12.40 points or 0.3% to close at 4,378.38. It advanced for seven straight sessions, its longest win streak since Nov. 8, 2021.<\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP<br \/>\n       advanced 121.08 points or 0.9% to finish at 13,639.86, securing its longest win streak since Nov. 8, 2021.  <\/p>\n<\/li>\n<\/ul>\n<h2>What drove markets<\/h2>\n<p>The extended bounce for equities comes after a three-month pullback that saw the S&amp;P 500 and Nasdaq slip into a market correction \u2014 a decline of at least 10% from a recent high. But investor pessimism had been overdone, argued Solita Marcelli, chief investment officer for the Americas at UBS Global Wealth Management, in a note.<\/p>\n<div class=\"paywall\">\n<p>\u201cWhile we see greater upside in the near term in fixed income, the return outlook for equities is positive, in our view. We believe the relatively benign backdrop for cash, fixed income, stocks, and alternatives makes this an opportune moment to add to diversified balanced portfolios,\u201d she said.<\/p>\n<p>Rising implied borrowing costs have been the primary driver of U.S. stocks of late. The 10-year Treasury yield<br \/>\n        BX:TMUBMUSD10Y<span>,<\/span><br \/>\n       which hit a 16-year high above 5% late last month, but then briefly fell below 4.5% on Friday after cooling jobs data. After a bounce Monday it was trading Tuesday near 4.57%.<\/p>\n<p>Oil prices fell back sharply on Tuesday, with the U.S. benchmark<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.28%<\/bg-quote><br \/>\n       dropping back below $80 a barrel to trade at its weakest level since August after China data raised demand concerns. Lower oil prices could help ease inflation worries, analysts said.<\/p>\n<p>Some investors see the market getting ahead of itself once again when it comes to the potential for easing by the Federal Reserve.<\/p>\n<p>The markets are building in four interest rate cuts next year, the first of which has been pushed forward to the May\/June time period, said Kent Engelke, chief economic strategist at Capitol Securities Management.<\/p>\n<p>\u201cNumerous Fed officials \u2014 including FRB Chair Powell \u2014 are slated to speak in the next few days. It is generally assumed these speakers, may \u2018push back\u2019 on this emerging narrative that the Fed is done, and the first-rate cut will occur in June,\u201d he said, in a note.<\/p>\n<p>Late Monday, Minneapolis Fed President Neel Kashkari said Fed officials have not discussed what it would take to cut interest rates.<\/p>\n<p>Investors were right to be wary about expressing overconfidence that the Fed would soon pivot to a more dovish stance, said Jim Reid, strategist at Deutsche Bank.<\/p>\n<p>\u201c[T]his is at least the 7th time this cycle where markets have reacted notably in response to dovish speculation. Clearly rates aren\u2019t going to keep going up forever, but on the previous six occasions we saw hopes for near-term rate cuts dashed every time,\u201d he said.<\/p>\n<p>Fed Gov. Christopher Waller on Tuesday called the jump in the 10-year yield an \u201cearthquake\u201d in central banking terms, according to reports.<\/p>\n<p>\u201cHis remarks need to be understood in context \u2014 they were not part of a policy discussion and would likely have been more\u00a0hedged\u00a0if they were,\u201d said Krishna Guha, head of the global policy and central bank strategy team at Evercore ISI, in a note.<\/p>\n<p>\u201cBut it still seems fair to take away the impression that the Fed is not taking the position that all the yield-driven tightening of financial conditions unwound last week. That feels risk-positive on net,\u201d he wrote.<\/p>\n<p>A slowdown in job creation in October was welcome news because it brought the labor market into \u201ca more balanced\u201d and sustainable growth, said Chicago Fed President Austan Goolsbee in a television interview.<\/p>\n<p>The September U.S. trade deficit rose 4.9% to $61.5 billion. Meanwhile, the total consumer credit rose $9.1 billion in September, up from a $15.8 billion drop in the prior month, the Federal Reserve said Tuesday. That translates into a gain at a 2.2% annual rate, up from a 3.8% drop in the prior month. Economists had been expecting a $9.5 billion increase, according to the Wall Street Journal forecast.<\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      <strong>Uber Technologies Inc.<\/strong><br \/>\n        UBER,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211348248\/composite\" class=\"positive\">+3.70%<\/bg-quote><br \/>\n       topped earnings expectations but came shy of forecasts with its third-quarter revenue. Shares rose 3.7%.<\/p>\n<\/li>\n<li>\n      Shares of <strong>Datadog Inc. <\/strong><br \/>\n        DDOG,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/214127379\/composite\" class=\"positive\">+28.47%<\/bg-quote><br \/>\n       closed up 28.5% after an upbeat earnings forecast. Shares of <strong>MongoDB Inc.<\/strong><br \/>\n        MDB,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203302825\/composite\" class=\"positive\">+11.04%<\/bg-quote><br \/>\n       and <strong>Elastic NV<\/strong><br \/>\n        ESTC,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209635082\/composite\" class=\"positive\">+6.53%<\/bg-quote><br \/>\n       were also rallying as the results eased fears about consumption-based software companies for the latest quarter.<\/p>\n<\/li>\n<li>\n      <strong>D.R. Horton Inc. <\/strong><br \/>\n        DHI,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202032328\/composite\" class=\"positive\">+2.93%<\/bg-quote><br \/>\n       shares rose 2.9% after the home builder\u2019s fiscal fourth-quarter results beat Wall Street analyst estimates for profit and revenue.<\/p>\n<\/li>\n<\/ul><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/s-p-500-futures-dip-after-six-day-winning-streak-8d539d83?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks closed higher Tuesday, with the S&amp;P 500 and Nasdaq Composite recording their longest win streaks in two years as oil prices retreated and investors weighed comments from Federal Reserve officials. What happened The Dow Jones Industrial Average DJIA rose 56.74 points or 0.2% to end at 34,152.60. It is the longest winning streak [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":81844,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-81843","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>S&amp;P 500, Nasdaq record longest winning streaks in two years | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. stocks closed higher Tuesday, with the S&amp;P 500 and Nasdaq Composite recording their longest win streaks in two years as oil prices retreated and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=81843\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S&amp;P 500, Nasdaq record longest winning streaks in two years | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"U.S. stocks closed higher Tuesday, with the S&amp;P 500 and Nasdaq Composite recording their longest win streaks in two years as oil prices retreated and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=81843\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-07T23:35:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-07T23:35:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/1699400156_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=81843#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=81843\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"S&#038;P 500, Nasdaq record longest winning streaks in two years\",\"datePublished\":\"2023-11-07T23:35:55+00:00\",\"dateModified\":\"2023-11-07T23:35:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=81843\"},\"wordCount\":803,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Markets\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=81843#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=81843\",\"url\":\"https:\/\/ifintechworld.com\/?p=81843\",\"name\":\"S&P 500, Nasdaq record longest winning streaks in two years | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-11-07T23:35:55+00:00\",\"dateModified\":\"2023-11-07T23:35:59+00:00\",\"description\":\"U.S. stocks closed higher Tuesday, with the S&amp;P 500 and Nasdaq Composite recording their longest win streaks in two years as oil prices retreated and\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=81843#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=81843\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=81843#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"S&#038;P 500, Nasdaq record longest winning streaks in two years\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"S&P 500, Nasdaq record longest winning streaks in two years | iFintechWorld","description":"U.S. stocks closed higher Tuesday, with the S&amp;P 500 and Nasdaq Composite recording their longest win streaks in two years as oil prices retreated and","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=81843","og_locale":"en_US","og_type":"article","og_title":"S&P 500, Nasdaq record longest winning streaks in two years | iFintechWorld","og_description":"U.S. stocks closed higher Tuesday, with the S&amp;P 500 and Nasdaq Composite recording their longest win streaks in two years as oil prices retreated and","og_url":"https:\/\/ifintechworld.com\/?p=81843","og_site_name":"iFintechWorld","article_published_time":"2023-11-07T23:35:55+00:00","article_modified_time":"2023-11-07T23:35:59+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/1699400156_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=81843#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=81843"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"S&#038;P 500, Nasdaq record longest winning streaks in two years","datePublished":"2023-11-07T23:35:55+00:00","dateModified":"2023-11-07T23:35:59+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=81843"},"wordCount":803,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Markets"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=81843#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=81843","url":"https:\/\/ifintechworld.com\/?p=81843","name":"S&P 500, Nasdaq record longest winning streaks in two years | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-11-07T23:35:55+00:00","dateModified":"2023-11-07T23:35:59+00:00","description":"U.S. stocks closed higher Tuesday, with the S&amp;P 500 and Nasdaq Composite recording their longest win streaks in two years as oil prices retreated and","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=81843#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=81843"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=81843#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"S&#038;P 500, Nasdaq record longest winning streaks in two years"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/81843","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=81843"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/81843\/revisions"}],"predecessor-version":[{"id":81845,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/81843\/revisions\/81845"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/81844"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=81843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=81843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=81843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}