S&P Sees End to Long Winning Streak

Stocks slipped on Tuesday as investors struggled to continue building on the market’s recent recovery rally.

The Dow Jones Industrial index lost 50.02 points by noon Tuesday at 40,846.51

The S&P 500 index eased 5.43 points to 5,602.52.

The NASDAQ faded 30.79 points to 17,845.95.

Tuesday’s action marks a breather after the S&P 500 and NASDAQ Composite posted their eighth straight positive sessions. That was a first for both since late 2023.

Strong retail sales data and a soft inflation report issued last week have helped soothe investors’ fears on the economy. The S&P 500 and NASDAQ are now both higher by more than 1% on the month, underscoring the market’s dramatic turnaround.

Cybersecurity company Palo Alto Networks jumped nearly 8% after fiscal fourth quarter results topped analyst estimates and it set a $500 million stock buyback. Home improvement retailer Lowe’s dipped 1% after reporting worse-than-expected revenue and lowering its annual profit outlook, noting an expected slowdown in consumer spending.

Beyond earnings, Bank of America slipped almost 2% as Warren Buffett’s conglomerate Berkshire Hathaway continued dumping shares.

Prices for the 10-year Treasury gained ground, lowering yields to 3.83% from Monday’s 3.88%. Treasury prices and yields move in opposite directions.

Oil prices dropped 21 cents at $74.16 U.S. a barrel.

Gold prices sprinted $6.80 to $2,562.70.



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