WYNN - Wall Street To Snap Longest Winning Streak Since 2021 Today? Earnings Bond Yields In Focus Ahead Of Powell's Speech | Benzinga
The stock market’s momentum appears to be waning, and futures suggest a mixed opening for Thursday. Earnings reports have generally been positive, with companies like Walt Disney Co. (NYSE:DIS) posting encouraging quarterly results. The strong performance of Disney’s stock could provide support to the 30-stock Dow Industrials Average. Bond yields have started to rise in anticipation of the IMF panel discussion, featuring Federal Reserve Chair Jerome Powell. It’s worth noting that, given the current eight-session winning streak, a mild sell-off is possible.
Cues From Wednesday’s Trading:
On Wednesday, U.S. stocks had a mixed performance, driven by reactions to earnings reports and increasing expectations of the Federal Reserve unwinding its recent rate hikes. The major indices began the day higher but quickly reversed their gains, leading to a morning decline. In early afternoon trading, the indices hit their daily lows, but they managed to recover some of the losses by the end of the session.
While the S&P 500 and the Nasdaq Composite briefly moved into positive territory during the final hour of trading, the Dow Industrials closed slightly lower. Notably, the S&P 500 has risen for eight consecutive sessions, and the Nasdaq Composite has posted gains for the ninth session in a row. Both indices are now trading at their highest levels since late September. However, the Dow’s seven-day winning streak came to an end on Wednesday.
Information technology and real estate stocks outperformed the market, while energy and utility stocks faced selling pressure.
Small-cap stocks, represented by the Russell 2000 Index, experienced notable selling pressure, remaining below the unchanged line for most of the session and closing lower.
...