{"id":48470,"date":"2024-11-27T22:01:37","date_gmt":"2024-11-27T22:01:37","guid":{"rendered":"https:\/\/thestockmarketwatch.com\/stock-market-news\/stock-market-recap-sp-500-snaps-winning-streak-as-tech-stocks-slump\/48470\/"},"modified":"2024-11-27T22:01:37","modified_gmt":"2024-11-27T22:01:37","slug":"stock-market-recap-sp-500-snaps-winning-streak-as-tech-stocks-slump","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-sp-500-snaps-winning-streak-as-tech-stocks-slump\/48470\/","title":{"rendered":"Stock Market Recap: S&#038;P 500 Snaps Winning Streak as Tech Stocks Slump"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-sp-500-snaps-winning-streak-as-tech-stocks-slump\/48470\/#Market_Performance_Overview\" >Market Performance Overview<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-sp-500-snaps-winning-streak-as-tech-stocks-slump\/48470\/#Why_Was_the_Market_Down_Today\" >Why Was the Market Down Today?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-sp-500-snaps-winning-streak-as-tech-stocks-slump\/48470\/#Key_Market_Movers_and_Sector_Performance\" >Key Market Movers and Sector Performance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-sp-500-snaps-winning-streak-as-tech-stocks-slump\/48470\/#Economic_Data_and_Its_Impact\" >Economic Data and Its Impact<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-sp-500-snaps-winning-streak-as-tech-stocks-slump\/48470\/#Market_Sentiment_and_Future_Outlook\" >Market Sentiment and Future Outlook<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-recap-sp-500-snaps-winning-streak-as-tech-stocks-slump\/48470\/#Looking_Ahead\" >Looking Ahead<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Market_Performance_Overview\"><\/span>Market Performance Overview<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On Wednesday, November 27, 2024, Wall Street experienced a pullback after several sessions of gains, with major indexes retreating from recent record highs. The <b><a href=\"https:\/\/stockmarketwatch.com\/markets\/sp500\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&#038;P 500<\/a> fell 0.4% to 5,998.74<\/b>, snapping a seven-day winning streak. The <b><a href=\"https:\/\/stockmarketwatch.com\/markets\/dowjones\/today.aspx\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=DJIA\">DJIA<\/a>) dropped 0.3% to 44,722.06<\/b>, while the <b>tech-heavy Nasdaq Composite declined 0.6% to 19,060.48<\/b>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Was_the_Market_Down_Today\"><\/span>Why Was the Market Down Today?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The market&#8217;s downturn can be attributed to several factors:<\/p>\n<p>1. <b>Tech Sector Weakness<\/b>: Computer hardware and software stocks led the decline, with the <a href=\"https:\/\/stockmarketwatch.com\/markets\/nyse\/today.aspx\" data-internallinksmanager029f6b8e52c=\"2\" title=\"NYSE Today\">NYSE<\/a> Arca Computer Hardware Index plunging 3.3%.<\/p>\n<p>2. <b>Earnings Guidance<\/b>: PC makers Dell Technologies (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=DELL\">DELL<\/a>) and HP Inc. (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=HPQ\">HPQ<\/a>) saw significant drops of 12.3% and 11.4%, respectively, after providing disappointing earnings guidance.<\/p>\n<p>3. <b>Inflation Data<\/b>: The Commerce Department released the Personal Consumption Expenditures (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=PCE\">PCE<\/a>) price index, showing a 0.2% rise in October, matching expectations but raising concerns about the pace of future interest rate cuts.<\/p>\n<p>4. <b>Profit-Taking<\/b>: After reaching all-time highs in recent days, some investors likely took the opportunity to lock in gains.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Market_Movers_and_Sector_Performance\"><\/span>Key Market Movers and Sector Performance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&#8211; <b>Technology Sector<\/b>: Large-cap tech stocks faced pressure, with Nvidia (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=NVDA\">NVDA<\/a>), Microsoft (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=MSFT\">MSFT<\/a>), Amazon (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AMZN\">AMZN<\/a>), and Tesla (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=TSLA\">TSLA<\/a>) all declining more than 1%.<br \/>&#8211; <b>Computer Hardware<\/b>: The sector was hit hard, dragged down by Dell and HP&#8217;s poor performance.<br \/>&#8211; <b>Software Stocks<\/b>: The Dow Jones U.S. Software Index lost 1.6%.<br \/>&#8211; <b>Semiconductor and Networking Stocks<\/b>: These sectors also contributed to the Nasdaq&#8217;s weakness.<br \/>&#8211; <b>Biotechnology<\/b>: In contrast, biotech stocks showed strength, bucking the overall market trend.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Economic_Data_and_Its_Impact\"><\/span>Economic Data and Its Impact<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The PCE price index, the Federal Reserve&#8217;s preferred inflation measure, showed:<\/p>\n<p>&#8211; A 0.2% increase in October, matching September&#8217;s uptick and economist estimates.<br \/>&#8211; The annual rate of growth accelerated to 2.3% from 2.1% in September.<br \/>&#8211; Core PCE price index (excluding food and energy) climbed 0.3% month-over-month and 2.8% year-over-year.<\/p>\n<p>While these figures aligned with expectations, the acceleration in year-over-year price growth raised concerns about the outlook for interest rates. This data overshadowed other economic reports released on Wednesday.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Market_Sentiment_and_Future_Outlook\"><\/span>Market Sentiment and Future Outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite the day&#8217;s pullback, the overall market sentiment remains cautiously optimistic. Investors are closely watching several factors that could influence future market performance:<\/p>\n<p>1. <b>Federal Reserve Policy<\/b>: The market is anticipating potential rate cuts, but the pace may slow due to persistent inflation in core areas.<br \/>2. <b>Trade Tensions<\/b>: President-elect Donald <a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a>&#8217;s tariff threats to key trade partners, including a proposed 25% tariff on imports from Canada and Mexico and an additional 10% levy on Chinese goods, have raised concerns about potential economic impacts.<br \/>3. <b>Consumer Confidence<\/b>: The Conference Board reported that U.S. consumer confidence rose to 111.7 in November, a 16-month high, indicating resilience in consumer spending.<br \/>4. <b>Housing Market<\/b>: The CoreLogic S&#038;P Case-Shiller U.S. National Home Price NSA Index showed slowing growth, while new single-family home sales dropped significantly in October.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Looking_Ahead\"><\/span>Looking Ahead<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As markets prepare for the Thanksgiving holiday closure on Thursday, trading activity is expected to be subdued on Friday due to an early close and a lack of major U.S. economic data releases. Investors will continue to monitor inflation trends, Federal Reserve communications, and any developments in trade negotiations that could impact market direction in the coming weeks.<\/p>\n<p>In conclusion, while Wednesday&#8217;s market performance showed a slight retreat, the overall trend remains positive. Investors should stay alert to upcoming economic indicators and policy decisions that could influence market dynamics as we approach the end of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Performance Overview On Wednesday, November 27, 2024, Wall Street experienced a pullback after several sessions of gains, with major 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