Stock Market Today: Dow Scores Six-Day Winning Streak Amid Fed Officials Fears; Tesla Falls On Latest Probe


Today’s Stock Market Update: Dow Jones Extends Winning Streak to Six Days Despite Concerns from Federal Reserve Officials; Tesla Stock Drops Following Recent Investigation


Major stock indexes experienced a mixed day, with some showing gains while others ended on a flat note. Despite growing concerns over the Federal Reserve postponing rate cuts, all major indexes managed to stay above key levels. The day saw Tesla dropping due to a government probe and Intel plunging amid reports of a ban on exporting its products to China.

The Dow Jones Industrial Average saw a gain of 0.4%, extending its winning streak to six days. The S&P 500 ended the day flat, while the Nasdaq closed 0.2% lower but still above the important level of 16,000. The indexes are maintaining their positions above the 50-day moving average, with investors eagerly awaiting a follow-through day to gauge the market’s health.

NY Stock Exchange saw slightly higher volume, while the Nasdaq experienced lower volume compared to the previous day. Breadth was negative, with decliners outnumbering advancers in both exchanges. The small-cap Russell 2000 witnessed a 0.5% decline after a five-day rally, while the Innovator IBD 50 ETF edged up by 0.1%.

The benchmark 10-year Treasury note yield rose by 4 basis points to 4.5%, breaking a streak of five consecutive declines.

Fed officials expressing concerns about postponing rate cuts added to investor worries on Wednesday. Boston Fed President Susan Collins mentioned the need for more time to bring rates down, following similar comments from other Fed presidents. Meanwhile, Tesla faced a setback as news of a government probe into its self-driving capabilities led to a 2% drop in its stock price. Similarly, Intel saw a 2.2% decline after reports of an export ban to China.

In the broader market, some stocks saw notable movements. Uber and Shopify reported results, with Uber falling 5.7% after posting a loss in the first quarter. Reddit surged by 4.1% after beating revenue estimates. Health care companies like Teva Pharmaceutical jumped by 12.8%, while chip designer Nvidia saw a 0.2% decline ahead of its earnings report.

Overall, the stock market experienced a mixed day with some significant movements in individual stocks due to earnings reports and external factors. Investor sentiment remains cautious amid concerns about Federal Reserve decisions and geopolitical issues affecting specific companies.

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