Stocks end lower on Wall Street, ending eight-day winning streak

The Standard & Poor’s 500 index lost 16.45 points, or 0.4%, to close at 4,685.25. The last time the S&P 500 had eight straight days of gains was April 2019. The Dow Jones industrial average fell 112.24 points, or 0.3%, to 36,319.98, and the Nasdaq composite lost 95.81 points, or 0.6%, to end at 15,886.54.

PayPal, coincidentally a company co-founded by Musk more than two decades earlier, dropped 10.5% after the company cut its full-year outlook and revenue forecasts. Sectors that are considered less risky, including household product makers and utilities, held up better than the rest of the market. The Labor Department will release its consumer price index for October on Wednesday, giving a more detailed picture of how inflation is affecting consumers.

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