U.S Stocks ends 8 straight days winning run

Tuesday’s mild stock decline ended the winning run as investors couldn’t build on the market’s recent comeback bounce. At 40,834.97 index points, the Dow Jones Industrial Average fell 61.56 index points, or 0.15%.

The Nasdaq Composite was down 0.33% to 17,816.94 index points, while the S&P 500 fell 0.2% to 5,597.12. The S&P 500 and Nasdaq had eight-day winning streaks that were ended by Tuesday’s falls.

This was the first time any index had seen gains of that duration since late 2023. The S&P 500 would have had its longest winning streak since 2004 if it had closed Tuesday higher. In the meantime, the Dow had its first day of decline in the previous six.

The major averages have recovered and market volatility has decreased since the beginning of the month, notwithstanding Tuesday’s movements. The VIX, or CBOE Volatility Index, was last below 16 points after reaching 65 index points on August 5. On that same day, the S&P 500 had its worst session since 2022 because of a sell-off in global markets brought on by a dismal July jobs report and a Japanese interest rate hike.

However, encouraging retail sales figures and a mild inflation report released last week calmed investors’ concerns about the state of the economy. The market’s sharp turnaround is highlighted by the fact that the Nasdaq and the S&P 500 are currently up more than 1% for the month.

Wall Street is searching for clues on the Fed’s upcoming policy meeting. The only question left is whether central bankers would decrease lending rates by a half point or a quarter point in September, as fed funds futures, according to the CME FedWatch Tool, are indicating a certain interest rate cut.

Palo Alto Networks, a cybersecurity business, had a more than 7% increase in stock price after its fiscal fourth-quarter earnings beat analysts’ projections and announced a $500 million stock repurchase. The home improvement store Lowe’s fell more than 1% following the release of lower-than-expected revenue figures and a revision to its forecast for year profits that included a predicted slowdown in consumer spending.