Wall Street is trying to recover from a strong losing streak

Thursday, April 18, 2024 - 17:46
Point Trader Group

US stock indices rose during these moments of trading today, Thursday, as Wall Street tried to regain its position amid a series of consecutive losses that have continued since the beginning of the second quarter of this year. Investors also continued to analyze the latest corporate earnings reports.

The Standard & Poor's rose 0.5%, while the Nasdaq Composite rose 0.4%. The Dow Jones Industrial Average jumped 242 points, or 0.8%, supported by a more than 3% rise in UnitedHealth Group Inc. (NYSE:UNH).

Meanwhile, the S&P is down more than 1% so far for the week. The Nasdaq index fell more than 2.5% this week as technology stocks suffered, and this puts the index on its way to a fourth consecutive week of decline, which will represent the longest negative streak since December 2022.

Credit company Equifax Inc. (NYSE:EFX) stock fell more than 9% in Thursday's session on disappointing second-quarter guidance. Home builder D.R. Horton (BVMF:D1HI34) stock rose more than 4% after financials for the quarter beat expectations.

More than 12% of companies included in the S&P 500 index announced earnings in what appears to be a positive season. Of those who have already posted their results, 73% beat Wall Street's expectations for their individual performance, according to FactSet. In the meantime, you can get endless data and fair values for all stocks as well as ready-made, guaranteed-profitable investment lists with InvestingPro. Subscribe for less than 37.5 SAR per month for a year and make your financial decisions based on clear data. To subscribe: from here

The Standard & Poor's 500 and Nasdaq indexes entered their fifth consecutive downward session, and traded lower for a short period during the day. This would mark the longest losing streak for both since October and January, respectively.

These moves come during a difficult second quarter on Wall Street. This was driven by growing concerns about the path of inflation and monetary policy from the Federal Reserve. All three major indexes are down so far in April, in stark contrast to the stronger-than-expected market performance we saw in the first quarter.

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