Stocks Snap 8-Day Winning Streak

7.2% rise for Palo Alto Networks was one of the bright spots
By Newser Editors and Wire Services
Posted Aug 20, 2024 3:29 PM CDT
Stocks Snap 8-Day Winning Streak
Pedestrians pass the New York Stock Exchange, on Tuesday, Aug. 20, 2024.   (AP Photo/Peter Morgan)

Stocks ticked lower Tuesday and snapped an eight-day winning streak, the longest of the year.

  • The S&P 500 fell 11.13 points, or 0.2%. to 5,597.12, but it's still just 1.2% below its all-time high set last month.
  • The Dow Jones Industrial Average slipped 61.56 points, or 0.2%, to 40,834.9.
  • The Nasdaq composite fell 59.83 points, or 0.3%, to 17,816.94.
Treasury yields eased ahead of a speech on Friday by Federal Reserve Chair Jerome Powell, which will likely be the week's highlight for financial markets.

Nvidia was the heaviest weight on the market after falling 2.1%. The chip company has recovered most of its summertime swoon, where its stock dropped more than 20% on worries investors went overboard and took its price too high, but it has remained shaky as it heads into its earnings report scheduled for next week. Palo Alto Networks helped to limit the market's losses. The cybersecurity company jumped 7.2% after becoming the latest big business to report stronger profit and revenue for the latest quarter than analysts expected.

Lowe's likewise topped analysts' forecasts for profit in the spring, but its stock was more restrained. The home improvement retailer said it's facing a challenging economic backdrop, "especially for the homeowner," and cut its forecasts for revenue and profit this fiscal year. Its stock fell 1.2%. Hawaiian Holdings Inc., the company behind Hawaiian Airlines, soared 11.3% after it said its proposed merger with the company behind Alaska Airlines has cleared a major regulatory hurdle. A review period by US antitrust regulators for the deal has passed. Alaska Air Group rose 0.4%. (More stock market stories.)

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