XLRE - US Stocks Set To Snap Winning Streak Treasuries Rally Oil Tumbles: What's Driving Markets Wednesday? | Benzinga
U.S. stocks experienced a drop as of midday trading in New York, potentially ending a prolonged streak of consecutive daily gains as investors evaluate the economic outlook.
Commodity prices continued to weaken on Wednesday, with crude oil prices declining to as low as $75 per barrel, approaching levels last seen in mid-July.
Traders sought refuge in bonds, with Treasury yields declining across the curve. The popular iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) surged by 1.2%, reaching its highest level since late September.
A speech by Federal Reserve Chair Jerome Powell lacked any mention of monetary policy or economic-related remarks, leaving investors disappointed.
Cues From Wednesday’s Trading
The S&P 500 Index eased 0.3%, after posting its seventh straight session of gains on Tuesday.
The tech-heavy Nasdaq 100 was 0.4% lower, on track to snap its eight-day winning streak.
Blue-chip stocks in the Dow Jones Industrial Average were also 0.4% lower, while small caps in the Russell 2000 tumbled 1.3%.
US Index Performance On Tuesday
Index Performance (+/-) Value
Nasdaq 100 -0.40% 15,234.82
S&P 500 Index -0.32% 4,362.17
Dow Industrials -0.42% 34,032.73
Russell 2000 -1.33% 1,710.12
Analyst Color: Brad McMillan, chief investment officer for Commonwealth Financial Network, said he sees several tailwinds ahead that could prove positive for the market. “Growth is slower but still healthy; Rates are down, but so is inflation; Earnings are up, and valuations have stabilized,” he ...