S&P 500 and Nasdaq Composite Extend Winning Streaks, Market Update 11/08/2023 – CNBC Indonesia

rev, CNBC Indonesia

Market

Wednesday, 11/08/2023 21:55 IWST

Foto: Markets Wall Street. (AP/Courtney Crow)

Jakarta, CNBC Indonesia – The S&P 500 rose slightly on Wednesday (8/11/2023) along with the Nasdaq Composite, trying to extend its longest winning streak in about two years.

The broader market index rose 0.2%. Meanwhile the Nasdaq rose 0.1% along with the Dow Jones Industrial Average.

Rivian shares flew more than 8% on better-than-expected production results, while Array Technologies plunged 11.8% on weak full-year earnings. AeroSystems, a Boeing supplier, fell 14% after announcing plans to raise capital through a share and debt offering.

For the record, previously the S&P 500 rose 0.3% to achieve its seventh positive session in a row. The Nasdaq Composite rose 0.9% to post its eighth straight day of gains. Tuesday marked the longest stretch of positive days since November 2021 for both indices. The 30-stock Dow rose nearly 0.2%, marking its seventh winning day.

The increase came after about 80% of S&P 500 companies beat their earnings estimates this season, while slowing demand meant only 59% beat their earnings expectations. The last time the gap was this big was in the fourth quarter of 2015, according to LSEG.

“All the big tech stocks have reported and we know that everyone knows by now. So there shouldn’t be too many surprises at this point,” said Ken Mahoney, CEO of Mahoney Asset Management.

This continued equity gain, led by large-cap technology stocks and combined with muted central bank action could set the market up well going into 2024, Mahoney added.

For your information, currently the US central bank (The Fed) has decided to hold interest rates at the level of 5.25-5.50%, which makes risk assets such as shares something that investors are looking at again.

CNBC INDONESIA RESEARCH

(rev/rev)

2023-11-08 14:55:00
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