US stocks struggle for direction after notching longest win streak in two years

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US stocks struggle for direction after notching longest win streak in two years

Investing.com -- U.S. stocks took a breather Wednesday, a day after notching their longest   longest winning streak in two years as investors continued to digest quarterly earnings and remarks from Federal Reserve officials.  

At 14:41 ET (19:41 GMT), the Dow Jones Industrial Average was down 82 points, while the S&P 500 was flat and the NASDAQ Composite was flat. All three indexes started the day on an upswing.

The benchmark S&P and tech-heavy Nasdaq notched their seventh and eighth straight day of gains on Tuesday, respectively, in the longest winning streak for both indices since 2021. The 30-stock Dow also posted its seventh consecutive positive day.

Powell offers scant clues on future policy; 10-year Treasury yields lower after auction

Fed chairman Jerome Powell didn't offer clues on future monetary policy in opening remarks at the Fed's statistics conference on Wednesday, but he is slated to speak as part of panel on Thursday. 

The yield on 10-year Treasury remained in the red after the U.S. Treasury auctioned $40 billion of 10-year notes at a high yield of 4.519%, lower than the prior auction's 4.61% yield.   

Utilities, energy stocks weigh

Utilities and energy stocks were the biggest decliners on the day, with the latter weighed pressured by falling oil prices on worries about softer global energy demand 

As well as demand concerns, a surprise surge in U.S. crude inventories also added to concerns about slowing demand.

Data from the American Petroleum Institute , an industry body, showed that U.S. crude inventories surged almost 12 million barrels last week, much more than expectations for a draw of 300,000 barrels.

The official weekly data from the U.S. Energy Information Administration has been delayed until the week of Nov. 13.

Robinhood, eBay fall after underwhelming quarter results 

Robinhood Markets Inc (NASDAQ: HOOD ) fell more than 14% after reporting mixed quarterly results as revenue fell short of estimates following a decline trading activity amid a fall in users on the trading platform.

The company said it expects weaker trading activity in November and December, given the timing of holidays, Goldman Sachs said, as it decrease its price target on Robinhood to $10 from $11 previously.

eBay Inc (NASDAQ: EBAY ), meanwhile, fell more than 2% after the e-commerce platform's third-quarter results beat Wall Street estimates, but forecast softer-than-expected sales for the key holiday quarter. 

Roblox shines on upbeat guidance 

Roblox Corp (NYSE: RBLX ) reported a narrower than expected loss in Q3 following stronger bookings in the quarter and the online gaming platform also said it would begin offering guidance next year.    

(Liz Moyer, Peter Nurse and Oliver Gray contributed to this story.)

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