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Investing.com — The Dow closed lower Wednesday, snapping a seven-day wining streak as investors paused their bullish bets on stocks amid ongoing quarterly corporate earnings and remarks from Federal Reserve officials.
At 16:00 ET (21:000 GMT), the fell 0.1%, or 40 points, while the and ended 0.1% higher, with both indexes extending their winning streak.
The benchmark S&P and tech-heavy Nasdaq notched their seventh and eighth straight day of gains on Tuesday, respectively, in the longest winning streak for both indices since 2021. The 30-stock Dow also posted its seventh consecutive positive day.
Powell offers scant clues on future policy; 10-year Treasury yields lower after auction
Fed chairman Jerome Powell didn’t offer clues on future monetary policy in opening remarks at the Fed’s statistics conference on Wednesday, but he is slated to speak as part of panel on Thursday.
The yield on fell 5.5 basis points to 4.516% after the U.S. Treasury auctioned $40 billion of 10-year notes at a high yield of 4.519%, lower than the prior auction’s 4.61% yield.
Utilities, energy stocks weigh
Utilities and energy stocks were the biggest decliners on the day, with the latter weighed pressured by falling oil prices on worries about softer global energy demand
As well as demand concerns, a surprise surge in inventories also added to concerns about slowing demand.
Data from the , an industry body, showed that U.S. crude inventories surged almost 12 million barrels last week, much more than expectations for a draw of 300,000 barrels.
The official weekly data from the U.S. has been delayed until the week of Nov. 13.
Robinhood, eBay fall after underwhelming quarter results
Robinhood Markets Inc (NASDAQ:) fell 14% after reporting mixed quarterly results as revenue fell short of estimates following a decline trading activity amid a fall in users on the trading platform.
The company said it expects weaker trading activity in November and December, given the timing of holidays, Goldman Sachs said, as it decrease its price target on Robinhood to $10 from $11 previously.
eBay Inc (NASDAQ:), meanwhile, slipped 2% after the e-commerce platform’s third-quarter results beat Wall Street estimates, but forecast softer-than-expected sales for the key holiday quarter.
Roblox shines on better-than-feared results
Roblox Corp (NYSE:) reported a narrower than expected loss in Q3 following stronger bookings in the quarter and the online gaming platform also said it would begin offering guidance next year. Its shares ended 11% higher.
(Liz Moyer, Peter Nurse and Oliver Gray contributed to this story.)
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