One of Wall Street's longest winning streaks in two decades is over as the S&P 500 fell on Thursday for the first time in nine trading days, per the AP and CNBC.
- The S&P fell 35 points, or 0.8%, to 4,347.
- The Dow fell 220 points, or 0.6%, to 33,891.
- The Nasdaq fell 128 points, or 0.9%, to 13,521.
Stocks had been rising earlier in the day, and the S&P 500 was on track for a ninth straight gain, which would mark its longest winning streak in 19 years. But the stock market quickly sagged under the weight of rising yields in the bond market. Not helping was that Federal Reserve Chair Jerome Powell said the Fed "will not hesitate" to raise interest rates further if it feels high inflation is not fully under control. The worries about rates overshadowed some profit reports for the summer from big US companies that came in better than expected. The Walt Disney Co. was strong after joining the growing list of companies topping forecasts. It rose 6.5% after saying it added more Disney+ streaming subscribers than Wall Street had predicted.
Tapestry climbed 4% for another one of the bigger gains in the S&P 500 after the maker of high-end shoes and handbags beat Wall Street's profit forecast. On the opposite end was Becton Dickinson, which sank 8.8%. The maker of medical equipment reported profit for the summer that matched Wall Street's expectations, but its financial forecasts for its upcoming fiscal year fell short of some estimates. Topgolf Callaway Brands was another weight on the market, sinking 16.3% despite beating analysts' expectations for profit during the summer. It cut its forecasts in part because of weakening trends at its Topgolf entertainment venues outside of newly opened ones.
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