S&P 500, Nasdaq notch longest winning streaks since 2021

by Jonathan Adams
nasdaq composite

The S&P 500 gained 0.28 per cent to end at 4,378.38, while the Nasdaq climbed 0.9 per cent to close at 13,639.86

The S&P 500 and Nasdaq Composite gained on Tuesday to notch their longest winning streaks in nearly two years and build on November’s rally.

The S&P 500 gained 0.28 per cent to end at 4,378.38, while the Nasdaq climbed 0.9 per cent to close at 13,639.86. The Dow Jones Industrial Average rose 56.74 points, or 0.17 per cent, to end at 34,152.60.

The S&P 500 gained for a seventh successive day for the first time since its eight-day win streak hit in November 2021, while the Nasdaq posted eight days of wins for the first time since an 11-day streak ended in November 2021. The Dow advanced for a seventh consecutive session for its longest streak since July.

Technology stocks moved up as yields pulled back, with the yield on the 10-year Treasury note last trading nearly 9 bps lower at 4.573 per cent. Some notable gainers included Amazon and Salesforce, which increased over 2 per cent each, while Apple, Microsoft and Meta Platforms advanced nearly 1 per cent. Semiconductor stocks Advanced Micro Devices, Broadcom and Intel increased ahead of the rollout of funding from the Chips Act.

As yields move down, we tend to get a bigger rebound in the growth parts of the market, said Mona Mahajan, senior investment strategist at Edward Jones, adding that a cooldown in oil prices may also be contributing to sentiment around inflation, and offering some relief at the pump.

There is some momentum after last week, there is some follow through, Mahajan added. We are not seeing yet any real consolidation in some of the gains we have seen over the last six days.

In other news, Datadog added 28.5 per cent after topping quarterly results and offering a strong outlook. Uber increased 3.7 per cent even after Q3 earnings dropped short of expectations.

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