S&P Fading after Streak

The S&P 500 hovered near the flatline on Thursday as the broad-market index tried to build on its longest winning streak since November 2021.

The Dow Jones Industrials lost 97.68 points to 34,014.59.

The much-broader index sank 6.62 points to 4,376.16, threatening an eight-session win streak.

The NASDAQ retreated 5.97 points to 13,644.44.

Disney rose 4% after reporting better-than-expected profit and expanding its cost-cutting plan, while Arm dipped 6% following its first quarterly report as a public company. Lyft dropped 6% as bookings came in worse than anticipated and the rideshare platform said it expects further weakness. Meanwhile, MGM Resorts rose 3% on strong results and a new share buyback program.

The moves follow a muted but momentous day on Wall Street. The S&P and tech-heavy Nasdaq finished up about 0.1% each, notching their lengthiest stretch of positive sessions in two years. The Dow finished down by about 0.1%, snapping a seven-day run of gains.

In other news, initial filings for jobless benefits released Thursday showed a decline of 3,000. Traders are looking ahead to remarks from a slate of Federal Reserve officials — including chair Jerome Powell — throughout the day.

The culmination of third-quarter earnings season continues after the bell with reports from Wynn Resorts, Illumina and Unity Software.

Prices for the 10-year Treasury fell back, raising yields to 4.55% from Wednesday’s 4.52%. Treasury prices and yields move in opposite directions.

Oil prices recovered $1.15 to $76.48 U.S. a barrel.

Gold prices gained six dollars to $1,963.80.

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