S&P 500 extends losing streak to five sessions
The benchmark US index tied its longest losing streak since April 2024.
The S&P 500 fell 0.4% and the Nasdaq 100 gave back 0.5% while the Russell 2000 outperformed with a 0.2% advance. The benchmark US index has now declined for five straight sessions, tying its longest losing streak since April 2024.
Every S&P 500 sector ETF declined outside of the commodity-linked energy and materials groups, with consumer staples faring the worst. That was in large part due to Walmart, which dropped 4.5% after the mega retailer missed quarterly earnings expectations for the first time in three years. Declines were led by First Solar, which fell 7%.
Paramount Skydance was a bright spot on the tape, jumping 14.6% as call option activity surged. Separately, the newly formed media giant is facing scrutiny in Washington.
Meta shares fell about 1.2% after The Wall Street Journal reported that the tech giant is freezing new AI hires without express permission from the company’s chief AI officer.
Coty shares sank 21.4% as investors digested the beauty conglomerate’s disappointing Q4 results, including a surprise profit loss.
Shares of Cracker Barrel dipped 7% as the Southern-themed restaurant chain’s new minimalist logo design sparked a flood of criticism from fans online.
Hertz shares fell 2.5% after Congress requested a meeting with officials to discuss the company’s controversial use of AI damage scanners.
Nio shares rose 9% following the popular Chinese EV maker unveiling the latest model of its ES8 electric SUV, which has begun presales.
HP Enterprise shares were up 3.7% after Morgan Stanley upgraded the stock, raising its rating to “overweight” (or buy) from “neutral,” and hiked its its price target to $28 from $22.
CoreWeave shares were up as much as 3% in premarket trading before closing the day largely flat, after quantitative trading and market-making firm Jane Street revealed a 5.4% stake in the company.
