Stock Market Today: Dow higher as tech reigns supreme to help extend win streak
Investing.com -- U.S. stocks ended higher Tuesday, notching a seven-day win streak underpinned by strength in big tech as Treasury yields fell despite Federal Reserve members signaling that rate hikes remain on the table.
At 6:00 ET (21:00 GMT), The Dow Jones Industrial Average was up 56 points or 0.2%, notching its longest winning streak since July. The NASDAQ Composite was up 0.90%. The S&P 500 was up 0.3% and notched its seventh straight win, its longest winning streak since November 2021.
Treasury yields retreat despite fading optimism over peak rates as Fed speak continues
United States 10-Year fell as investors continue to digest remarks from Fed speakers that point to the possibility of further rate hikes ahead.
Fed governor Governor Michelle Bowman said Tuesday she continues to expect that the Fed "will need to increase the federal funds rate further to bring inflation down to our 2 percent target in a timely way."
Focus will shift to Fed Chair Jerome Powell, who is slated to deliver a speech on Wednesday and Thursday. Futures markets expect the Fed to hold rates steady again at its December meeting.
The move lower in yields helped lift tech stocks including Apple Inc (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT), and Meta Platforms (NASDAQ:META), more than 1% higher.
Uber, DataDog impress on earnings stage
Uber Technologies (NYSE:UBER)'s weaker-than-expected quarterly earnings were overshadowed by stronger-than-expected gross bookings, the value of transactions on its app. Its shares rose nearly 4%.
Datadog Inc (NASDAQ:DDOG) surged 28% after the cloud infrastructure lifted its annual guidance and reported third-quarter results that topped Wall Street estimates.
WeWork files for bankruptcy
Additionally, work space provider WeWork (NYSE:WE), which was valued at $47B, has filed for bankruptcy in a New Jersey court, as it grapples with a post-pandemic downturn in office occupancy and expensive leases. Shares were halted.
Crude sinks on weak Chinese trade data
Oil prices fell sharply Tuesday, dropping to over two-month lows, after the disappointing trade data from China raised concerns over sluggish demand in the world's largest oil importer.
Chinese exports fell more than expected in October amid worsening overseas demand, while an unexpected rise in imports saw China’s trade surplus shrink to its worst level in 17 months.
This prolonged weakness in exports could stymie growth in the country going forward and thus dent oil demand.
Both contracts have slumped over the past week, amid growing expectation that the Israel-Hamas war will not disrupt supply in this oil-rich region.
(Liz Moyer, Peter Nurse, and Oliver Gray contributed to this story.)
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