May 09, 2024 (MENAFN via COMTEX) --
(MENAFN - Baystreet) Futures Little Changed Following Dow's Longest Streak Since December
Dow Posts Longest Win Streak Since December
Dow Gains as Treasurys Travel Upward
Dow Aiming for 5 Straight Wins
Dow Tries to Add to Streak Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Wednesday, May 8, 2024
Stocks Weighed by Tech Weakness Advertisment
Stocks fell Wednesday as pressure on several tech names put the Dow Jones Industrial Average and S&P 500 to snap their recent winning streaks.
The 30-stock index edged ahead 11.12 points to open at 38,895.38.
The S&P 500 subtracted 7.04 points to 5,180.06.
The
NASDAQ fell 46.71 points to 16,285.84.
Uber shares fell 8.5% after the rideshare company's posted a surprising net loss and weaker-than-expected bookings revenue, while Intel lost more than 2% after the chipmaker lowered its second-quarter revenue guidance.
Tesla shares dipped 4% after Reuters reported that U.S. prosecutors are looking into whether the company committed wire fraud as part of a probe into Tesla's Autopilot systems.
Chip stocks were down broadly as well. Nvidia lost about 1% along with AMD. The VanEck Semiconductor ETF (SMH) fell slightly.
Wednesday's declines could lead the Dow to snap a five-day winning streak, its longest since December. The S&P 500 has risen for four straight days.
Prices for the 10-year Treasury sagged, raising yields to 4.49% from Tuesday's 4.42%. Treasury prices and yields move in opposite directions.
Oil prices removed 50 cents to $77.88 U.S. a barrel.
Gold prices docked $6.80 to $2,317.40.
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