Nasdaq Losing Streak Is Longest in Over a Year

The Dow manages a small gain
By Newser Editors and Wire Services
Posted Jan 4, 2024 3:08 PM CST
Nasdaq Losing Streak Is Longest in Over a Year
Traders work on the floor at the New York Stock Exchange in New York, Wednesday, Jan. 3, 2024.   (AP Photo/Seth Wenig)

Wall Street had another weak day Thursday following signals that the job market remains solid—though maybe a touch too strong. US stocks have broadly regressed this week after rallying nine straight weeks into the end of last year:

  • The Dow ticked up 10 points to 37,440.
  • The S&P 500 fell 16 points to 4,688.
  • The Nasdaq fell 81 points to 14,510. It's the fifth straight day of declines for the tech-focused index and its longest losing streak since October 2022, notes CNBC.

Eli Lilly rose 0.7% and was one of the strongest forces pushing upward on the S&P 500 after it launched a way to help customers get to its treatments for obesity, migraine, and diabetes, per the AP. Walgreens Boots Alliance sank 6.8% after it nearly halved its dividend so it could hold onto more cash. Treasury yields, meanwhile, rose Thursday following a couple of reports on the job market that were stronger than expected. A more comprehensive report from the US Labor Department will arrive on Friday. Economists expect it to show that US hiring slowed to 160,000 jobs last month from 199,000 in November.

The economy is in a delicate phase where investors want it to remain solid, but not too hot. Elsewhere in the market, Peloton Interactive jumped 14.1% after it announced a partnership to bring its workout content to TikTok. APA fell 6.7% after it said it will buy Callon Petroleum in an all-stock deal valued at roughly $4.5 billion, including debt. Callon Petroleum gained 3.9%.

(More stock market stories.)

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