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Stock Market News, Nov. 9, 2023: S&P 500 Closes Lower, Snapping Eight-Day Winning Streak

Disney stock rose after the entertainment giant reported earnings

Stocks fell short of a historic milestone on Thursday, and the culprit was a familiar one: rising rates.

The S&P 500 rose in eight straight sessions through Wednesday, its best streak since 2021. Had it extended that to a ninth session, it would have been the longest string of gains since November 2004, according to Dow Jones Market Data.

Alas, it was not to be. The S&P 500 fell 0.8% Thursday, while the Nasdaq declined 0.9% and the Dow Jones Industrial Average shed 220 points, or 0.7%.

The Federal Reserve wasn't helping things. Fed Chair Jerome Powell said at a conference in Washington that "we are not confident" the Fed has tightened enough to bring inflation down to its 2% goal. He said officials would monitor economic conditions closely to avoid the risk of having raised rates too high and the risk of having been “misled by a few good months of data.” Rates rose in response, with the 10-year Treasury yield climbing 0.123 percentage point to 4.629%.

Walt Disney at least had a good day, rising 6.9% after reporting strong earnings. Heard's Dan Gallagher writes that strong subscriber additions to the Disney+ service were especially encouraging.

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