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Stock Market Today: Wall Street Falls, Sending S&P 500 to Longest Losing Streak Since January

Stock Market Today: Wall Street Falls, Sending S&P 500 to Longest Losing Streak Since January


NEW YORK (AP) Slumping technology stocks sent Wall Street tumbling again Wednesday, and the S&P 500 tumbled to its fourth straight loss.

The index fell 29.20 points, or 0.6%, to 5,022.21, its longest losing streak since early January. That's down 4.4% since setting a record late last month.

The Dow Jones Industrial Average slipped 45.66 points, or 0.1%, to 37,753.31, and the Nasdaq composite fell 181.88, or 1.1%, to 15,683.37.

Technology stocks fell after ASML, a Dutch company that is a major supplier to the semiconductor industry, reported orders for early 2024 that were weaker than analysts expected. Its U.S. stock trading fell 7.1%.

Nvidia fell 3.9% and Broadcom fell 3.5%, making them the two heaviest weights in the S&P 500.

Weakness in technology has overshadowed higher-than-expected profit reports from some major companies, including United Airlines. It climbed 17.4% after reporting stronger results for the start of the year than expected by analysts, driven by strong demand from business travelers.

The losses also came despite an easing of bond market pressure, which has dictated much of Wall Street's action of late. The sharp drop in oil prices eased investors' concerns about inflation, which contributed to lower Treasury yields.

The 10-year Treasury yield fell to 4.58% from 4.67% Tuesday evening. The two-year yield, which is closer to the Fed's expectations, fell to 4.92% from 4.99%.

They gave up some of their recent gains, driven by traders who gave up hopes of an imminent interest rate cut by the Federal Reserve.

By Tuesday, yields had returned to their November level after senior officials at the Federal Reserve suggested the central bank could keep its main interest stable for a while. He wants to have more confidence that inflation is moving sustainably towards its 2% target. Its main interest rate is at its highest level since 2001.

High interest rates hurt investment prices and increase the risk of recession, but Fed officials are concerned after a series of reports this year showed inflation remaining hotter that forecast.

Traders now mostly expect only one or two interest rate cuts from the Federal Reserve this year, according to CME Group data. This is down from forecasts for six or more at the beginning of the year.

With little near-term help expected from easing interest rates, companies will need to post stronger profits to justify the sharp gains in their stock prices since the fall.

I think markets are waiting for news from companies to decide where they go next, said JJ Kinahan, CEO of IG North America.

Travelers fell 7.4% after insurers' quarterly results came in below forecasts. It faced more disaster losses.

JB Hunt Transport Services fell 8.1% after reporting weaker-than-expected revenue and results. It was partly affected by competition in the east of the country and by rising worker wages and other costs.

On the winning side of Wall Street was Omnicom Group. It rose 1.6% after reporting profit for the latest quarter that was higher than analysts expected. The marketing and communications company has highlighted growth trends in most markets around the world, outside the Middle East and Africa.

Shares of Donald Trump's social media company also continued to fluctuate wildly, this time jumping 15.6%. This followed two consecutive losses of more than 14%. Experts say the stock is caught in frenzied trading activity, driven more by public opinion around the former president than by the company's business prospects.

In overseas stock markets, London's FTSE 100 gained 0.4% after a report showed British inflation fell to its lowest level. lowest level in two and a half years in March. This could pave the way for lower interest rates there.

Other indices rose slightly in Europe, while they were mixed in Asia. Japan's Nikkei 225 fell 1.3%, while shares jumped 2.1% in Shanghai.


AP Business writers Yuri Kageyama and Matt Ott contributed.




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