The S&P 500 and Nasdaq eked out gains Wednesday, narrowly continuing Wall Street’s red-hot run of gains, as investors digested a fresh batch of corporate earnings amid a quiet week on the economic calendar.
The S&P 500 (^GSPC) closed up 0.1%, extending its winning streak to eight days, the longest for the benchmark index since 2021. The Nasdaq Composite (^IXIC) also rose around 0.1%, continuing its own streak for the ninth straight session. The Dow Jones Industrial Average (^DJI) came in around 0.1% lower.
Words of caution from several hawkish members of the Fed have put a check on optimism that interest rates have peaked, sapping momentum from the rally in stocks. But 90% of traders are sticking with their bet there won’t be a hike this year, and 25% expect a rate cut in March, according to the CME FedWatch tool.
Oil prices — a key input into inflation levels — slipped on Wednesday, after sinking to their lowest levels in three months the previous day as concerns grew about demand from China and the US. West Texas Intermediate crude futures (CL=F) and Brent crude futures (BZ=F) were both over 2% lower.
