S&P Suffering Longest Slump Since October
April 18,2024 04:38 pm EST
The S&P 500 slipped for a fifth straight day on Thursday, placing the benchmark on track for its longest losing streak this year.
The Dow Jones Industrials came off their highs of the day, but still finished positive 24.9 points to 37,778.21,
The much-broader index sifted off 11 points to 5,011.21.
The NASDAQ sank 81.87 points to 15,601.50.
With those declines, the S&P 500 and NASDAQ each flirted with their fifth straight down day. For the S&P 500, it would be the first losing streak of that length since October, just before the current bull market began. It would be the longest for the Nasdaq since January.
The tech-heavy NASDAQ has tumbled more than 3% this week as technology shares struggled. That puts the index on pace for its fourth straight down week, which would mark the longest negative streak since December 2022.
Credit bureau Equifax declined $20.17, or 8.5%, to $217.51 in Thursday's session on disappointing second-quarter guidance. Homebuilder D.R. Horton gave up gains and slid five cents to $145.88 after quarter financials topped expectations.
The moves come during what has been a difficult second quarter on Wall Street. That's been driven by growing concerns around the path of inflation and monetary policy from the Federal Reserve.
Prices for the 10-year Treasury fell, raising yields to 4.63% from Wednesday's 4.58%. Treasury prices and yields move in opposite directions.
Oil prices gave up seven cents to $82.76 U.S. a barrel.
Gold prices gained $6.90, to $2,395.30 U.S. an ounce.
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