The stock market retreated from record highs on Tuesday with the best winning streak in more than two years, the end of the company’s earnings season and investors taking a break before the next report on inflation.
The Dow Jones Industrial Average fell 0.31% above 100 points, while the S & P 500 fell 0.35% and the high-tech heavy Nasdaq Composite index fell 0.6%.
Before Tuesday fell, the S & P 500 recorded a rise for eight consecutive days, the highest consecutive in more than two years, and closed above 4,700 for the first time.
Strong corporate earnings helped push stock prices to new highs and strengthen optimism about the resumption of the economy, but the effect was slightly weakened as few companies reported results. rice field.
Investors have made some profits after the recent rise in the stock market and are looking forward to the important inflation data released Wednesday. The consumer price index for October is expected to rise 0.6% compared to the previous month.
Meanwhile, Tesla’s share price fell 12% on Tuesday. Shares continued to plummet as CEO Elon Musk worried that he would sell a 10% stake in an electric car maker over the weekend.
Shares of digital payments firm PayPal fell more than 10% after sluggish earnings, but after industry giant GE announced that it would split into three public companies focused on aviation, healthcare and energy. Stock prices have risen 2.6%.
John Storzfuss, Chief Investment Strategist at Oppenheimer Asset Management, said: Recent notes.
Despite investor concerns about rising inflation, labor shortages and supply chain problems, stocks continue to hit record highs, with the S & P 500 at 5% in October, the highest month ever this year. It has risen above. Third-quarter corporate earnings remained strong despite continued concerns, supporting optimism about the US economic recovery. According to Refinitiv, 81% of the 445 S & P 500 companies that have reported revenue results so far are better than expected.
Investors are most concerned about meme stocks and real estate in China, according to a report from the Federal Reserve Board.Forbes).
These stocks are skyrocketing after homes pass a $ 1 trillion infrastructure bill (Forbes).
Tesla shares wipe out $ 140 billion a day after Elon Musk teased a major sale (Forbes).
General Electric shares soar as the company plans to split into three public companies (Forbes).