{"id":83071,"date":"2023-11-10T13:00:21","date_gmt":"2023-11-10T18:00:21","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/dow-edges-higher-bouncing-back-after-powell-remarks-snap-sp-500-nasdaq-winning-streaks\/"},"modified":"2023-11-10T13:00:25","modified_gmt":"2023-11-10T18:00:25","slug":"dow-edges-higher-bouncing-back-after-powell-remarks-snap-sp-500-nasdaq-winning-streaks","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=83071","title":{"rendered":"Dow edges higher, bouncing back after Powell remarks snap S&#038;P 500, Nasdaq winning streaks"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002714688\" role=\"document\">\n<p>U.S. stocks rose Friday morning, attempting to find their footing after dipping the previous session in the aftermath of a poor Treasury bond auction and fresh signs that interest rates may stay higher for longer.<\/p>\n<h2>What\u2019s happening<\/h2>\n<ul class=\"articleList\">\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       rose 66 points, or 0.2%, to 33,958.<\/p>\n<\/li>\n<li>\n      The S&amp;P 500<br \/>\n        SPX<br \/>\n       was up 13 points, or 0.3%, at 4,360.<\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP<br \/>\n       rose 66 points, or 0.5%, to 13,588.<\/p>\n<\/li>\n<\/ul>\n<p>On Thursday, the Dow industrials fell for a second day, dropping around 220 points, or 0.7%, while the S&amp;P 500\u00a0ended an eight-day winning streak and the Nasdaq Composite snapped a run of nine straight gains.<\/p>\n<div class=\"paywall\">\n<h2>Market drivers<\/h2>\n<p>The S&amp;P 500 and Nasdaq Composite ended their longest winning streaks since November 2021 on Thursday, after a poorly-received $24 billion sale of 30-year Treasury bonds. <\/p>\n<p>Treasury bond yields were easier on Friday. The yield on the 30-year Treasury bond<br \/>\n        BX:TMUBMUSD30Y<br \/>\n       fell 5.1 basis points to 4.725%, from 4.777% on Thursday, when it nearly notched its biggest one-day jump since June 2022.<\/p>\n<p>It was unclear whether the Treasury auction had been affected by a reported ransomware attack against the U.S. unit of the Industrial &amp; Commercial Bank of China that apparently disrupted the U.S. Treasury market.<\/p>\n<p>Investors were also rethinking the recent debt market rally fueled by hopes that the Federal Reserve\u2019s interest-rate hiking cycle was finishing. Driving angst were comments from Federal Reserve Chairman Jerome Powell, who told an International Monetary Fund panel on Thursday that the central bank was wary of \u201chead fakes\u201d from inflation, and the \u201c2% goal was not assured.\u201d<\/p>\n<p>Much of Powell\u2019s language was nearly identical to remarks he made on Nov. 1, when investors rallied stocks and bonds after the Fed chair didn\u2019t explicitly commit to a further interest rate hike. But the subsequent rally for stocks after the Nov. 1 Fed meeting, with the S&amp;P 500 jumping more than 6% over eight days, and a 50 basis point drop in the 10-year Treasury yield were \u201coverdone and not governed by facts,\u201d said Tom Essaye, founder of Sevens Report Research, in a note.<\/p>\n<p>\u201cMeanwhile, if we think about what the Fed said last week, namely that the rise in the 10-year yield was doing the Fed\u2019s work for it and as a result they may not have to hike rates, then the short\/sharp decline in the 10-year yield we\u2019ve seen could essentially remove the reason for the Fed not having to hike rates \u2014 and that could put a rate hike back on the table!\u201d he wrote. \u201cThat\u2019s essentially what Powell reminded us of yesterday and that, along with the poor Treasury auction, pushed yields higher,\u201d setting up pressure on stocks.<\/p>\n<p>Consumer sentiment fell in November for the fourth month in a row due to worries about higher interest rates as well as war in the Middle East. The preliminary reading of the sentiment survey declined to 60.4 from 63.8 in October, the University of Michigan said Friday. It\u2019s the weakest reading since May.<\/p>\n<p>Investors will be looking out for more Fed comments on Friday, a speech by San Francisco Fed President Mary Daly at 1 p.m. Eastern time.<\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      Shares of <strong>Plug Power Inc.<\/strong><br \/>\n        PLUG,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205453512\/composite\" class=\"negative\">-42.85%<\/bg-quote><br \/>\n       dropped 37.6% after the fuel-cell company missed analysts expectations\u00a0and said its performance had suffered due to \u201cunprecedented supply challenges.\u201d<\/p>\n<\/li>\n<li>\n      <strong>Trade Desk Inc. <\/strong><br \/>\n        TTD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207508089\/composite\" class=\"negative\">-17.47%<\/bg-quote><br \/>\n       shares fell 18.8% after the advertising technology company\u2019s guidance fell short of expectations.<\/p>\n<\/li>\n<li>\n      <strong>Illumina Inc.<\/strong><br \/>\n        ILMN,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203509482\/composite\" class=\"negative\">-11.79%<\/bg-quote><br \/>\n       shares dropped 14% after the maker of DNA-sequencing technology\u00a0cut its full-year sales and profit outlook.<\/p>\n<\/li>\n<li>\n      <strong>Lions Gate Entertainment Corp.<\/strong><br \/>\n        LGF.A,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200343824\/composite\" class=\"positive\">+1.10%<\/bg-quote><br \/>\n       shares were up 3.5% after the TV, film and media giant reported a\u00a0surprise second-quarter profit, and stuck with its full-year outlook \u201ceven with the negative impact of the strike\u201d by Hollywood\u2019s writers and actors earlier this year.\u00a0<\/p>\n<\/li>\n<\/ul><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/u-s-stock-futures-struggle-as-investors-weigh-up-higher-for-longer-rates-0dd59d2f?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks rose Friday morning, attempting to find their footing after dipping the previous session in the aftermath of a poor Treasury bond auction and fresh signs that interest rates may stay higher for longer. What\u2019s happening The Dow Jones Industrial Average DJIA rose 66 points, or 0.2%, to 33,958. The S&amp;P 500 SPX was [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":83072,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-83071","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 edges higher, bouncing back after Powell remarks snap S&amp;P 500, Nasdaq winning streaks | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. stocks rose Friday morning, attempting to find their footing after dipping the previous session in the aftermath of a poor Treasury bond auction and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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