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US stocks are trading near record levels after an eight-day winning streak.
The S&P 500 was down 0.1% in afternoon trading, sitting 1.1% below its all-time high hit last month. It has recovered from a terrifying summer slump, when the index briefly fell about 10% below a record high, and is on track for its first nine-day winning streak in nearly two decades.
Wall Street stocks rose again, approaching record highs.credit: dad
The Dow Jones Industrial Average fell 46 points, or 0.1 percent, and the Nasdaq Composite dropped 0.1 percent. The Australian stock market is set to fall, with futures at 4.55 a.m. AEDT pointing to a 24-point, or 0.3 percent, decline at the open. The ASX added 0.2 percent on Tuesday.
Nvidia was the market’s heaviest weight after falling 1.3 percent. The chip company is one of the most influential stocks on Wall Street as the AI craze has made it one of the most valuable companies on the U.S. stock market, at about $3 trillion ($4.5 trillion).
Nvidia has recovered most of its summer losses, with its stock falling more than 20% amid concerns that investors had overbought and priced it too high, but the stock remained volatile heading into its earnings report next week.
Palo Alto Networks Inc. helped cap the market’s losses. The cybersecurity company jumped 8.7 percent after becoming the latest major company to report stronger fourth-quarter earnings and revenue than analysts had expected. According to FactSet, companies in the S&P 500 are on track to report their best earnings-per-share growth since the end of 2021.
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Lowe’s also beat analysts’ expectations on earnings in the spring, but its shares were more cautious. The home improvement retailer said it faces a challenging economic backdrop, “particularly for homeowners,” and lowered its revenue and earnings outlook for the current fiscal year. Its shares fell 1.4 percent.
High interest rates have been a drag on the economy after the Federal Reserve raised them sharply to control inflation. On Tuesday, Treasury yields fell ahead of Fed Chairman Jerome Powell’s speech on Friday, which is likely to be the biggest event in financial markets this week.
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