U.S. stocks turn lower as S&P 500 struggles to keep winning streak alive

U.S. stocks slipped into the red on Thursday as the S&P 500 index struggled to keep its longest winning streak in two years alive.How are stock trading On Wednesday, the S&P 500 rose for the eighth straight session while the Nasdaq Composite rose for the ninth. For both indexes, this marked the longest winning streak since November 2021, Dow Jones Market Data show.

Over the past two weeks, falling Treasury yields, a weakening U.S. dollar and lower oil prices have helped to catapult stocks higher, said Art Hogan, chief market strategist at B. Riley Wealth.“We entered November on the our back foot and clearly the biggest headwinds for stocks were rising Treasury rates, a stronger dollar and rising energy prices,” Hogan said during an interview with MarketWatch.Outside of the major indexes, the Russell 2000 RUT, a gauge of small-cap stocks traded in the U.S.

“Bottom line is that stocks and bond yields are feeding on the Fed appearing to back off higher for longer,” said MIchael Lebowitz, a portfolio manager at RIA Advisors. Ahead of the bell, traders digested the latest report on the number of Americans filing for jobless benefits. It showed that initial jobless claims fell by 3,000 to 217,000 last week, suggesting that layoffs aren’t on the rise, even as the pace of job creation slowed in October, according to data released last week.

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