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Stock Market News for Nov 9, 2023

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U.S. stock closed mostly higher on Wednesday, with the S&P 500 and Nasdaq extending their longest winning streak in more than two years as investors weighed comments from Federal Reserve officials on future interest rates path. However, the Dow ended marginally lower.

How Did The Benchmarks Perform?

The Dow Jones Industrial Average (DJI) fell 0.1% or 40.33 points to end at 34,112.27 points.

The S&P 500 gained 0.1% or 4.40 points, to close at 4,382.78 points, recording its eighth straight day of gains and longest winning streak since Nov 8, 2021. Tech and real estate stocks were the biggest gainers.

The Technology Select Sector SPDR (XLK) and the Real Estate Select Sector SPDR (XLRE) each rose 0.6%. However, six of the 11 sectors of the benchmark index ended in negative territory.

The tech-heavy Nasdaq climbed 0.1% or 10.56 points to finish at 13,650.41 points, recording its ninth straight day of gains and also notching its longest winning streak since November 2021.

The fear-gauge CBOE Volatility Index (VIX) was down 2.43% to 14.45. A total of 10.27 billion shares were traded on Wednesday, lower than the last 20-session average of 10.95 billion. Decliners outnumbered advancers on the NYSE by a 1.3-to-1 ratio. On the Nasdaq, a 1.7-to-1 ratio favored declining issues.

Stocks Continue to Rally, Investors Await Comments from Fed 

November so far has been great for Wall Street with stocks holding on to the rally that started earlier last week. On Wednesday, stocks extended their winning streak as they awaited comments from Federal Reserve Chair Jerome Powell on the path for future interest rates.

Powell refrained from making any comment on the monetary tightening policy Wednesday while welcoming guests and participants to a Fed conference on economic forecasting. However, he is expected to come up with a more precise speech on the monetary policy on Thursday.

The S&P 500 has so far gained 6.5% this month, primarily led by a tech rally, while the Nasdaq has risen 8.4% throughout its winning streak.

The recent rally was primarily due to a notable decrease in implied borrowing costs following last week’s Federal Reserve statement. Also, jobs data for October hinted at a cooling labor market, which has made many believe that the Fed may be done with its interest rate hikes and interest rate cuts could start sooner than expected.

Also, the 10-year Treasury yield fell further by 4.8 basis points to 4.522% on Wednesday, recording its lowest level since September.

Investors also closely watched some big companies report their quarterly results as the earning season entered its final leg. Shares of Rivian Automotive, Inc. ((RIVN - Free Report) ) declined 2.4% despite the company posting better-than-expected results. Rivian Automotive reported a quarterly loss of $1.19 per share, narrower than the Zacks Consensus Estimate of a loss of $1.36 per share.

Also, shares of Biogen Inc. ((BIIB - Free Report) ) fell 5.7% despite the company beating on earnings. Biogen reported third-quarter 2023 adjusted earnings of $4.36 per share, beating the Zacks Consensus Estimate of $3.99 per share. Biogen has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

No major economic data was released on Wednesday.

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