Today, major United States equity averages fell for a fourth straight session, marking the longest losing streak since August. The Dow Jones Industrial Average closed down four hundred ninety-eight points, a loss of one point zero seven percent, finishing at forty-six thousand ninety-one point seven four. The Standard and Poor’s five hundred lost fifty-five points, or zero point eight three percent, to end at six thousand six hundred seventeen point three two. The Nasdaq Composite fell two hundred seventy-five points, or one point two one percent, to close at twenty-two thousand four hundred thirty-two point eight five, as technology shares led declines according to both eOption and Nasdaq. The pressure was driven by continued uncertainty around expensive artificial intelligence-related stocks and weakness in bitcoin. Five out of eleven sectors ended lower, with Energy the top performer up zero point six percent, while Consumer Discretionary declined the most, shedding two point five percent, according to Wells Fargo.
Among the most actively traded names, technology and retail stood out. DoorDash was upgraded at Jefferies following an encouraging annual outlook. Target and Lowe’s both reported earnings—Target’s third quarter earnings-per-share surpassed estimates, but it reported a two point seven percent decline in same-store sales, and guided for revenue to fall in the current quarter. Lowe’s posted better earnings than expected, though it trimmed its annual profit target. In the financial sector, news that Brookfield Asset Management will launch a ten billion United States dollars artificial intelligence infrastructure fund with partners including Nvidia captured headlines per eOption.
Oil prices slipped due to a buildup in United States crude inventories, while gold rose and bitcoin pulled back from its brief rebound. Elsewhere, Eos Energy and Plug Power both announced convertible bond offerings. Notable gainers included O’Reilly Automotive, up on extending its share repurchase program, while Star Bulk Carriers missed earnings expectations.
On the economic front, the day brought trade balance and goods data, as well as the Federal Reserve’s policy meeting minutes. Anticipation of these reports boosted equity futures pre-market, with the Dow, Standard and Poor’s five hundred, and Nasdaq one hundred all gaining modestly before the open. Looking ahead, futures are pointing higher, hinting at a possible end to the losing streak if positive momentum holds tomorrow. The major catalyst after hours is Nvidia’s earnings, which could significantly move technology stocks. Other key events soon include updated employment and inflation data releases, whose dates have been revised due to earlier government disruptions per the Bureau of Labor Statistics.
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